May 27, 2019 / 12:47 AM / a year ago

UPDATE 1-Brazil's Magazine Luiza raises offer to buy Netshoes to $93.18 million

(Adds context, Magazine Luiza filing, rival offer by Brazilian group SBF)

May 26 (Reuters) - Netshoes Ltd said on Sunday Brazilian retailer Magazine Luiza SA had raised its offer to buy the online shoe retailer to $3 per share from $2 per share in a deal that would value the company at about $93.18 million.

Netshoes’ board has approved the amendment and recommended that shareholders favor it, the company said in a statement.

The offer will be voted on at the shareholders assembly scheduled for May 30, Magazine Luiza said in a securities filing on Sunday evening.

Magazine Luiza decided to raise its offer after rival Brazilian retailer Grupo SBF SA, which controls sports goods retailer Centauro, offered $2.80 per Netshoes share on Thursday.

Although Netshoes shares have risen with competition between bidders, they are far from reaching the $18 price they were sold in the initial public offering two years ago. (Reporting by Kanishka Singh in Bengaluru and Tatiana Bautzer in Sao Paulo Editing by Susan Thomas and Bill Trott)

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