The investment group has nominated nine director candidates to the company’s board. Credit: NYC Russ via Shutterstock.

Macy’s has received a sweetened takeover bid from an investor group for $6.6bn.

The offer, led by real estate investment company Arkhouse Management and asset manager Brigade Capital Management, comes after Macy’s rejected its previous proposal in January this year, citing concerns about valuation and financing.

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The new offer represents a 33% premium over Macy’s closing share price on Friday (1 March) and values the company at $6.6bn.

Arkhouse and Brigade are now offering $24 per share for the remaining shares they don’t already own, up from their previous bid of $21 per share.

Macy’s board is currently reviewing the proposal.

The company has expressed doubts about the previous offer’s financing and has not yet granted the investors access to due diligence information.

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However, Arkhouse and Brigade say they have lined up financing and remain open to raising their bid further if granted access to due diligence.

This renewed takeover attempt comes amidst Macy’s ongoing struggles.

The company, like many other traditional department stores, has faced stiff competition from online retailers and discount chains.

This has led to declining sales and profitability, prompting Macy’s to announce a turnaround plan last month involving store closures and job cuts.

Arkhouse is also pressuring Macy’s through a board challenge.

The investment company has nominated nine director candidates to the company’s board, potentially seeking to influence the board’s decision on the takeover bid.

Analysts are divided on the outcome of the bid.

Some believe Macy’s should engage with the investors and explore the possibility of a sale while others are sceptical of the deal’s feasibility.

The saga surrounding Macy’s future is likely to continue in the coming weeks as the company decides whether to accept the revised offer or continue with its own turnaround plan.