Arkhouse Management has urged Macy’s to respond this week regarding the proposed acquisition of the latter, mentioning the potential increase from the original offer.

An investor group composed of Arkhouse Management and Brigade Capital last month offered to acquire Macy’s shares they do not own for $21 a piece, equivalent to $5.8 billion.

The proposed price represents a 32.4 per cent premium to the unaffected stock price and a 56.8 per cent premium to Macy’s 30-day volume-weighted adjusted stock price as of November 30.

“We see the potential for a meaningful increase to our original proposal if we are granted access to the necessary due diligence and, to that end, have offered to sign a mutual non-disclosure agreement to conduct this due diligence,” Arkhouse said in a statement.

“We have conviction in the long-term success of Macy’s but believe that its potential will only be realized as a private company.”

Arkhouse said it would “pursue all necessary steps”, including direct engagement with stockholders, to carry out the acquisition.

Macy’s announced last week it would cut approximately 2500 jobs and sell five of its full-lined stores as part of the strategy to become a more streamlined company.