Shares of department store chain Macy’s Inc are rising in premarket today. An investor group aiming to purchase Macy’s has reportedly increased its bid for the second time after previous offers failed.

Arkhouse Management and Brigade Capital Management recently raised their proposal by approximately $300 million, reported The Wall Street Journal.

The new bid values Macy’s stock at $24.80 per share, totaling around $6.9 billion, according to people who spoke to the Wall Street Journal.

In March, Arkhouse and Brigade increased their offer to $24 per share, or about $6.6 billion, up from the $21-per-share proposal submitted in December.

Macy’s shares closed at $17.93 on Wednesday, giving the company a market value of nearly $5 billion.

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In April, Macy’s appointed two independent directors, concluding a proxy battle with Arkhouse, which had sought to replace most of the board.

Macy’s announced that its board was engaging with Arkhouse and Brigade on their buyout proposal, providing confidential information for due diligence.

Macy’s reported a decline in first-quarter sales in late May, which missed Wall Street’s expectations.

The company, under CEO Tony Spring, who took over in February, updated its outlook for the year.

Investors can gain exposure to the stock via Invesco S&P MidCap 400 Pure Value ETF ( RFV ) and SPDR S&P Retail ETF ( XRT ) .

Price Action: M shares are trading higher by 8.59% at $19.47 in premarket at least check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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