US designer and wholesaler of branded apparel, footwear and accessories Jones Apparel Group, Inc. has received an amended offer from affiliates of Istithmar to acquire its chain of luxury retail stores Barneys New York, Inc. for $900 million in cash and an amended offer from Fast Retailing for $950 million in cash.

In accordance with the terms of the company's stock purchase agreement with affiliates of Istithmar, Jones has now transmitted a written notice containing the material terms of the amended Fast Retailing offer and expressing the company's intention to accept it.

In the event that Jones were to terminate the Istithmar agreement in order to accept the amended Fast Retailing offer, Jones would be required to pay an affiliate of Istithmar a termination fee of $22.7 million.

Jones brands include Jones New York, Evan-Picone, Norton McNaughton, Gloria Vanderbilt, Erika, l.e.i., Energie, Nine West, Easy Spirit, Enzo Angiolini, Bandolino, Joan & David, Mootsies Tootsies, Sam & Libby, Napier, Judith Jack, Kasper, Anne Klein, Albert Nipon, Le Suit and Barneys New York.