Brazil's SBF Group makes counteroffer for Netshoes


Adds steps to approve Netshoes deal, pre-market opening share move

SAO PAULO, May 23 (Reuters) - Brazil's Grupo SBF CNTO3.SA, owner of sporting goods retailer Centauro, has submitted a counteroffer of $2.80 per share to acquire online shoe retailer Netshoes Ltd NETS.N, the company said in a filing on Thursday.

That would value the U.S.-listed company at around $87 million, and represents a 40% premium over the offer made by Brazilian retailer Magazine Luiza MGLU3.SA at the end of last month, which values Netshoes at around $62 million, SBF said.

According to the SBF filing, its board of directors unanimously approved the proposal to buy 100% of Netshoes shares.

Magazine Luiza said on Thursday that Brazil's antitrust watchdog Cade has given its bid the green light. The company did not immediately comment on SBF's offer.

Although Magazine Luiza has secured antitrust approval, Netshoes shareholders have yet to vote on the deal. The shareholders assembly is scheduled for May 30.

Netshoes did not immediately respond to an email seeking comment.

Netshoes shares were launched on the New York Stock Exchange in 2017 at $18 a share. Shares were up 37.8% in premarket trading in New York after the SBF offer.

(Reporting by Tatiana Bautzer and Roberto Samora Editing by Jonathan Oatis)

(( 5511 5644 7751 Reuters Messaging:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.