Arkhouse Management and Brigade Capital Management have increased their takeover offer for Macy’s to $24 from $21 for each of the remaining shares they don’t already own, which now values the deal at $6.6 billion. The previous deal valued the retailer at $5.8 billion, which Macy’s rejected because of a “lack of compelling value” as well as concerns about the financing. The revised offer represents a roughly 33% premium to where Macy’s shares closed on Friday, according to the Wall Street Journal.

At the time of the original offer, made privately in December 2023,the investor group believed Macy’s was undervalued in the public markets. When its takeover offer was made public, it said it would be willing to raise its offer subject to due diligence. The WSJ reported that the investors bumped the price up after the company recently delivered quarterly results that gave them the confidence to do so.

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