Brazil: SBF Group makes counteroffer for Netshoes

Brazil’s Grupo SBF, owner of sporting goods retailer Centauro, has submitted a counteroffer of US$2.80 per share to acquire online shoe retailer Netshoes, the company stated in a filing on Thursday, May 23.

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

Magazine Luiza stated 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.

Full Content: Reuters

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