Macy’s (M) shares surged 17% in pre-market trading Monday after the investor group whose previous offer for the embattled department-store chain was rejected raised its bid by nearly $1 billion.

Real estate-focused Arkhouse Management and asset manager Brigade Capital Management said Sunday that they are now offering to acquire the Macy’s stock they don’t already own for $24 a share, or $6.6 billion—up from December's $2ꦜ1-per-share offer that valued the retailer at around $5.8 billion and 33% higher than the shares’ $18.01 clos🔥e on Friday.

Arkhouse remains "open to increasing the purchase price further subject to the customary due diligence," Managing Partners Gavriel Kahane and Jonathon Blackwell said in a statement. Outlining financing plans, Kahane and Blackwell said they were backed by investors Fortress and OneIM.

Macy's launched a new strategy it called 澳洲幸运5官方开奖结果体彩网:"A Bold New Chapter" last week, announcing the closure of 150 stores as part of its latest turnaround plan. The strategy was disclosed after 澳洲幸运5官方开奖结果📖体彩网:Arkhouse nominated nine people f🎀or seats on Macy's board last month.

Macy’s has introduced two restructurings and a diviꦛdend hike in recent months, Arkhouse said.

The retailer swung to a fourth-quarter net loss of $71 million, compared with a profit of $508 million the same period a year prior. Quarterly net sales fell to $8.1 billion from $8.3 billion.

Macy's board said it will review and evaluate the latest proposal.