Macy’s said to receive higher bid from investor group (NYSE:M)

An investor group bidding to acquire Macy’s (NYSE:M) raised its offer by about $1 billion after the department-store chain rejected a prior proposal as too low, The Wall Street Journal reported Sunday.

Arkhouse Management and Brigade Capital Management are now offering to buy the Macy’s (M) shares they don’t already own for $24 each, or $6.6 billion, the Journal reported, citing people familiar with the matter.

The group in December had offered $21 a share. The new bid is 33% higher than the closing price on Macy’s (M) shares Friday.

Macy’s (M) stock had declined about 10% year-to-date through Friday.