EB Acquisition Ltd on Friday said it plans to raise its offer for department store chain Elder-Beerman Stores Corp within the next week.

Elder-Beerman last month snubbed EB's $5.50 per share bid and agreed to be taken private by Wright Holdings Inc for $6 per share.

EB Acquisition later said it would review its offer for the chain due citing $3 million in break-up fees in the Ohio-based retailer's agreement with Wright Holdings.

Daniel Summers, managing member of EB Acquisition, said: "We are in the final stages of analysing the ramifications of the onerous and uncalled for break-up fee imposed by the board of directors on any competing bidders for the company.

"I fully expect to submit an increased offer within the next week to ten days, obviously subject to completion of our due diligence. I anticipate exceeding the existing offer currently on the table from Wright Holdings."