Macy's receives a higher buyout offer of $6.6 billion after rejecting investors' earlier bid

Macy's has received a higher buyout offer from two investment firms, Arkhouse Management and Brigade Capital Management, weeks after the department store chain rejected their prior takeover bid by saying it had a "lack of compelling value."

Shares of Macy's rose 3.4% in premarket trading.

Arkhouse and Brigade on Sunday said they are now offering a deal valued at $6.6 billion. Their all-cash buyout deal offers $24 each for the remaining shares that the firms don't already own, a 14% increase from their prior offer of $21 per share.