Centauro raises the offer by Netshoes for about US $108 million

The retail group SBF, owner of the Centauro store network, raised its proposal to buy Netshoes. In a communiqué to the market, the group reported that it raised the offer to about US $108.7 million, the equivalent of US $3.5 per share. The new offer happens after retailer Magazine Luiza has also announced an increase in its initial proposal for US $93 million, the equivalent of US $3 per share. To try to win the dispute with Magazine Luiza, Centauro reported that it also proposed to structure a transaction that would enable the contribution of up to R $70 million in Netshoes immediately after the approval of the business by the shareholders ' meeting and to sign a contract of Association whereby Centauro "will make its products available on the Netshoes online sales platform". Understand the dispute Among the first offer given by Magazine Luiza and the latter of Centauro, the value of the proposal for the acquisition of Netshoes has risen 75%. In late April, Magazine Luiza had announced agreement to stay with Netshoes for about US $62 million, or US $2 per share. On May 23, the SBF group, owner of the Centauro store network, entered the dispute with a proposal of the order of US $87 million, or US $2.80 per share. On May 26, Magazine Luiza increased by 50% its initial offer, for US $93 million, the equivalent of US $3 per share, highlighting that the operation of acquisition of all shares of Netshoes has already been analyzed by the Administrative Council of Defense Economic, having been published on May 23, 2019 decision for its unrestricted approval. Netshoes opened its capital in the new York stock Exchange in 2017. At the time, the company picked up about US $140 million with the operation. In 2018, until the third quarter, the company accumulated net loss of R $241.5 million, against R $120.6 million negative in the same period of the previous year.