Magazine Luiza wins and takes to Netshoes

With twists comparable to the final of the novel, ended on Friday, 14, the dispute between Magazine Luiza and Centauro by Netshoes. Who took the company was Magazine Luiza, whose purchase proposal was approved by 90.32% of the shareholders of Netshoes in the Extraordinary General Assembly (AGE) held in the capital of São Paulo. Magalu acquires the integrality of shares issued by Netshoes for the price of US $3.70 per share, totaling approximately US $115 million. The operation will be completed by June 19th. The value is 85% higher than the first offered by the retailer. Magazine Luiza was the one who first showed interest in buying Netshoes and made an offer in late April of US $2 00 per share of the company, totaling a total of US $62 million. During a month, this was the only formal proposal received by Netshoes, until on May 23rd, Centauro decided to enter the race, offering US $2.80 per share, or US $87 million for the business. From then on, the fight for the operations of the sports equipment retailer only became more and more fierce. On the same day that Centauro presented its offer, Cade published dispatch approving the operation between Magazine and Netshoes without restriction. With Netshoes in a hurry to close business, due to its operational loss, negative cash and poor working capital, the dispatch was point in favor of Magalu, which then increased the offer to US $3.00 per share, or US $93 million. However, two days before the extraordinary General Assembly, Centauro raised its offer for US $3.50 per share (US $108.7 million). Netshoes then decided to postpone Assembleia.Na first week of June, Netshoes marked a new date for the AGE and, in a statement, the company assessed that Centauro's proposal did not give sufficient assurances regarding the company's financial condition or dealt with "Short-term liquidity concerns". The Board of Directors of Netshoes therefore recommended that the shareholders vote in favor of the agreement with Magazine Luiza. Centauro was not satisfied and again increased the offer, for US $3.80 per share, and, this time, enumerated a series of measures of Support so that Netshoes could withstand the pressure on your cash flow. They included the loan of up to R $120 million to reinforce working capital and additional financing with Banco Votorantim, increasing from R $325 million to R $375 million resources. But he didn't.