Department store group Elder-Beerman Stores Corp on Tuesday said management-led buyout group Wright Holding Inc had increased its takeover bid to $82.8 million - trumping a rival offer of $79.8m, or $7 a share, from Bon-Ton Stores Inc.

The Ohio-based operator of 68 stores said in a statement Wright had lifted its bid to $7.05 per share from its original offer price of $6 per share.

The nation's ninth largest independent department store chain added: "Consistent with the terms of the existing merger agreement with Wright Holdings, Elder-Beerman has not had any discussions with Bon-Ton as to what action, if any, Bon-Ton may take in response to Wright Holdings' increase in the merger price to $7.05 per share."