Announced
Financials
Tags
Brazil
Footwear
footwear retail
Acquisition
Public
Single Bidder
Friendly
Completed
Majority
Synopsis
Netshoes completed the merger with Brazilian retailer Magazine Luiza as shareholders of online sports retailer Netshoes approved its bid for the company at $3.70 per share. The company, which was rivaling with retailer Grupo SBF, said the $114.9m transaction would be concluded by June 19. The offer values the company at around $115m, and represents a 40% premium over the offer made by Brazilian retailer Magazine Luiza at the end of April, which valued Netshoes at around $62m. SBF proposed to include a $31m loan to boost Netshoes' immediate working capital needs.
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