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NETS - Netshoes (CAYMAN) News Story

$3.7 -0.1  -2.6%

Last Trade - 14/06/19

Sector
Consumer Cyclicals
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £234.5m
Position in Universe th / 7386

UPDATE 1-Brazil's Magazine Luiza to buy Netshoes for $114.9 mln; shares rise

Fri 14th June, 2019 5:08pm
(Adds context and share price)
    SAO PAULO, June 14 (Reuters) - Brazilian retailer Magazine
Luiza SA  MGLU3.SA  said shareholders of online sports retailer
Netshoes Ltd  NETS.N  had approved its bid for the company at
$3.70 per share, according to a securities filing on Friday.
    The company, which had been competing with rival retailer
Grupo SBF  CNTO3.SA  to buy Netshoes over the past few days,
said the $114.9 million transaction would be concluded by June
19.
    Magazine Luiza's shares rose 2% on the São Paulo Stock
Exchange. 
    Grupo SBF, which operates Centauro stores in Brazil, had
revised its latest offer for Netshoes to $4.10 per share,
corresponding to about $127 million.  urn:newsml:reuters.com:*:nL2N23K08B Netshoes had
received the revised SBF offer, but said the board would be
unable to evaluate it before a shareholder vote on the
transaction scheduled for Friday. 
    That led Netshoes' board to reaffirm a recommendation for a
transaction with Magazine Luiza.  urn:newsml:reuters.com:*:nFWN23K0PF.
    Shares of Netshoes fell around 2.5% in New York trading
after Magazine Luiza announced its offer was successful. 

 (Reporting by Ana Mano
Editing by Bernadette Baum)
 ((ana.mano@thomsonreuters.com; Tel: +55-11-5644-7704; Mob:
+55-119-4470-4529; Reuters Messaging:
ana.mano.thomsonreuters.com@reuters.net))
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