Arezzo declines to make counter-offer for Hering

Arezzo declines to make counter-offer for Hering

Corporate & Sovereign Strategy Equity M&A Capital Markets Latin America South America Brazil Commerce Retail shopping

Brazilian footwear company Arezzo&Co said Tuesday that it will not make a counter-offer for retail chain Hering after being outbid by Grupo Soma earlier in the week. Rather than make a new bid for Hering, Arezzo said it "will follow its successful growth strategy, organic and through acquisitions, according to economic rationality and the defense of the interest of all its shareholders," it said in a securities filing. Hering turned down an unsolicited cash-and-stock offer from Arezzo in ear

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