An investor group boosted its bid for Carson Pirie.

The group, called Baytree Investors, valued the new bid of cash and securities at $47 a share, or $470 million, up from $36 a share. Baytree said it would cut the cash portion of its offer to $20 a share from $30 if Carson Pirie Scott’s board does not approve the bid within seven days. The retailer said its board would review the latest proposal in “due course.” After rejecting Baytree’s earlier bids, Carson recently adopted a “poison pill” anti-takeover provision, aimed at making a hostile acquisition of the company prohibitively expensive.