11:02 AM EDT, 07/05/2024 (MT Newswires) -- (Updates with stock price movement in the second paragraph)

Macy's (M) is the target of a $6.9 billion buyout attempt by investors who have previously failed to acquire the retailer, The Wall Street Journal reported Wednesday, citing unnamed people familiar with the matter.

The company's shares were up 12% in recent trading on Friday.

Arkhouse Management, an investment firm concentrated in real estate, and asset manager Brigade Capital Management, raised their bid for the company by about $300 million, sources told The Journal.

The new proposal ups the offer to $24.80 a share from a March offer of $24 and a December offer of $21.

Macy's, Arkhouse, and Brigade did not immediately reply to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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