Renewable Energy

Brazil's Magazine Luiza matches SBF offer for Netshoes

Credit: REUTERS/SERGIO MORAES

Brazilian retailer Magazine Luiza SA rose its offer to buy online sports retailer Netshoes Cayman Ltd to $3.70 per share, matching an offer by contender Grupo SBF SA, according to a securities filing on Thursday.

adds details from bidding war, changes headline

SAO PAULO, June 13 (Reuters) - Brazilian retailer Magazine Luiza SA MGLU3.SA rose its offer to buy online sports retailer Netshoes Cayman Ltd NETS.N to $3.70 per share, matching an offer by contender Grupo SBF SA CNTO3.SA, according to a securities filing on Thursday.

Magazine Luiza, which had previously offered $3 per share of Netshoes, saidin the filing that Netshoes' board has reiterated its recommendation to approve the deal at a shareholders' vote scheduled for Friday.

On Wednesday apparel retailer Grupo SBF SA CNTO3.SA, operator of Brazil's Centauro stores, upped its own offer for the online sports retailer to $3.70 apiece, representing a $114.9 million bid.

SBF said its proposal included a 120 million real ($31 million) loan to boost Netshoes' immediate working capital needs.

(Reporting by Ana Mano Editing by Chizu Nomiyama)

((ana.mano@thomsonreuters.com; Tel: +55-11-5644-7704; Mob: +55-119-4470-4529; Reuters Messaging: ana.mano.thomsonreuters.com@reuters.net))

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