Arkhouse Management Co. LP and Brigade Capital Management have increased their all-cash offer to buy Macy’s for $24 per share, a 51.3% premium over the retailer’s share price before their initial bid in December 2023.

The buyer group, which also includes Fortress Investment Group LLC and One Investment Management US as equity partners, urged Macy’s board to enter into constructive discussions and accept their proposal, which they claim would provide significant value and liquidity to Macy’s shareholders.

Arkhouse and Brigade said they have secured 100% of the financing needed for the deal and are ready to proceed with due diligence.

They expressed frustration with Macy’s board for delaying and refusing to engage with them, and criticized Macy’s recent restructuring plan and dividend hike as failing to inspire investors.

They said they are confident in the long-term prospects of Macy’s as a private company and are open to increasing their offer further subject to due diligence.