(Updates)
** Shares of department store chain Macy's rise 9.9% to $19.71 in early trade
** Arkhouse Management and Brigade Capital Management raised bid to buy Macy's stock that they don't already own to about $6.9 bln, the Wall Street Journal reported on Wednesday
** New proposal offers $24.80 for each Macy's share, up from $24/share offered in March - report
** Current bid of $24.80 represents nearly 43% premium to Macy's closing price on Dec. 8, when deal talks first emerged
** Macy's was down 10.9% YTD, as of last close
(Reporting by Pranav Kashyap and Juveria Tabassum in Bengaluru)
((Juveria.Tabassum@thomsonreuters.com))
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