June 13, 2019 |
Brazil's Grupo SBF, owner of the local sporting goods store Centauro, said it has improved its offer to buy the online shoe store Netshoes for a second time, looking to beat a competing bid from Magazine Luiza.
SBF increased the offer to $115m, or $3.70 per share, after the Netshoes board recommended that shareholders approve a takeover by Magazine Luiza, the company said in a securities filing.
Magazine Luiza agreed to buy Netshoes for $62m, or $2 per share, in late April, but SBF joined the
Grupo SBF increases its bid for a second time after Netshoes' board backs a rival proposal from Magazine Luiza