03:38 PM EDT, 03/14/2024 (MT Newswires) -- Macy's (M) rose nearly 3% on Thursday after Arkhouse Management and Brigade Capital said the retailer allowed the activist investors earlier this week to certain due diligence activities after a revised acquisition proposal.

Macy's told Arkhouse and Brigade on Monday it was willing to make certain materials available under a to-be-agreed confidentiality agreement, according to a proxy statement by the activist investors.

Arkhouse and Brigade are also seeking shareholder support for an alternative slate of directors at the company's next annual meeting.

Last week, Arkhouse and Bridge increased their bid to acquire Macy's for $24 per share from its previous offer of $21.

Price: 21.37, Change: +0.60, Percent Change: +2.87