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Macy's Inc (NYSE:M) is 16.1% higher at $20.92 this morning, after Arkhouse Management revised its buyout offer.

Arkhouse Management Co. and Brigade Capital Management boosted their offer for Macy's Inc. by 14% after the retailer rebuffed a previous proposal. Macy's is reviewing the proposal.

Department store chain Macy's (NYSE: M ) stock rose 15% over the weekend after an investor group raised their bid for the company to $6.6 billion. The potential buyers bid $5.8 billion for the company last December but were turned down by the board.

Macy's, Inc. (NYSE:M) has received a $6.6 billion takeover offer from a consortium of hedge fund firms, whose previous bid was turned down earlier this year. Arkhouse Management and Brigade Capital Management, now working with Fortress Investment Group and One Investment Management, have bumped up their offer for the department store operator by around $800 million from the $5.8 billion bid made in December, which Macy's rejected in January.

The investor group shopping for Macy's are willing to pay a chunk more to secure the purchase of the department store chain.

Arkhouse Management, a real-estate-focused investing firm said on Sunday it and Brigade Capital Management have raised their offer for Macy's after the department store chain rebuffed their prior proposal as too low.

An investor group seeking to buy Macy's is raising its offer by nearly $1 billion after the department store chain rebuffed its prior proposal as too low, the Wall Street Journal reported on Sunday.

Arkhouse and Brigade are now offering $24 a share, up from $21.

Macy's (M) received a downgrade to Market Perform from TD Cowen, which slashed the retailer's price target to $20. The firm cites its excitement about the company's turnaround plans, which involve store closures and product changes.

Macy's (M) Q4 results show resilience with strategic adjustments despite a sales decline. The company is well-positioned for growth and long-term profitability.