Reuters Arkhouse Management, a realestatefocused investing firm said on Sunday it and Brigade Capital Management have raised their offer for Macy39;s after the department store chain rebuffed their prior proposal as too low.

The firms are now offering to acquire Macy39;s stock they don39;t already own for 24 per share, about 14 more than its previous offer of 21 per share.

The new offer for the company represents a premium of about 33 to its last close on Friday at 18.01 and values the company at 6.6 billion.

We continue to offer the company an attractive alternative solution through a sale of the company at a substantial premium. This would provide Macy39;s stockholders with significant value and immediate liquidity, Arkhouse said.

The Macy39;s Inc Board will carefully review and evaluate the latest proposal, Macy39;s said in a separate statement.

The two investment firms had submitted a proposal in December last year to acquire the shares of Macy39;s they don39;t already own for 21 a share but the offer was rejected by the department store operator due to concerns over the deal39;s financing and valuation.

Like other legacy department store operators, Macy39;s has struggled to compete against younger, online competitors or peers with smaller brickandmortar footprints. This has given Arkhouse and Brigade an opening to put pressure on Macy39;s to explore a sale.

Macy39;s is also facing a board challenge from Arkhouse Management after the investment firm nominated…