June 14, 2019 |
Brazil's Magazine Luiza said it has matched a competing offer to buy the online shoe store Netshoes and again received backing from the Netshoes board.
The São Paulo-based retail chain has offered to buy Netshoes for $115m, or $3.70 per share, the same price that Grupo SBF, owner of the local sporting goods store Centauro, put forth in its latest offer on June 12.
Magazine Luiza also increased the termination payment to $6m from $1.8m in case the deal does not go through, Netshoes said in a stat
Brazilian retailer ups its offer to $115m and matches the latest bid from SBF