May 29, 2019 / 12:01 PM / 22 days ago

Brazil retailer Grupo SBF again raises offer for Netshoes

RIO DE JANEIRO, May 29 (Reuters) - Brazilian retailer Grupo SBF SA, which controls sports retailer Centauro, has raised its bid for Netshoes Ltd, the firm said late on Tuesday, as a bidding war for the struggling e-commerce player heated up.

Brazilian electronics and appliance retailer Magazine Luiza SA first agreed to buy Netshoes in late April, offering $2 per share, but that deal was countered by a $2.80-per-share offer from Grupo SBF last week. That offer was in turn countered by a $3 per share offer from Magazine Luiza over the weekend.

In a Tuesday securities filing, SBF said it again raised its bid, to $3.50 per share, valuing the firm at about $109 million.

As part of the proposal, SBF said, the firm would offer 70 million reais ($17.4 million) in financial support to Netshoes immediately following a May 30 shareholders meeting and make its products available on Netshoes’ online sales platforms.

A representative for Magazine Luiza did not immediately respond to a request for comment.

($1 = 4.02 reais)

Reporting by Gram Slattery; Editing by Bernadette Baum

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