Macy’s Inc.’s shares climbed 15.4% Monday, and its high-yield bonds rallied together with them, after an investor group in search of to take over the department-store chain sweetened its bid by roughly $800 million.

Arkhouse Management and Brigade Capital raised their bid for the corporate to $24 a share, or about $6.6 billion, from $21 a share, or about $5.8 billion. The Macy’s board rejected the sooner offer in January, saying on the time that it lacked “compelling value.”

Trading…

Master your money.

Subscribe to MarketWatch.

Get this text and all of MarketWatch.

Access from any device. Anywhere. Anytime.

Subscribe Now

Already a subscriber?

Log In