UPDATE 1-Brazil's Centauro boosts offer for Netshoes to outbid Magazine Luiza [Reuters]
NETSHOES (CAYMAN) LTD (NETS)
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Source: Reuters
UPDATE 1-Brazil's Centauro boosts offer for Netshoes to outbid Magazine Luiza - Reuters 2 Min Read (Adds loan details, share performance) SAO PAULO, June 12 (Reuters) - Apparel retailer Grupo SBF SA , operator of Brazil’s Centauro stores, has boosted its offer for online sports retailer Netshoes Cayman Ltd to $3.70 per share, as it tries to outbid rival contender Magazine Luiza SA. Netshoes shares surged 12.5% on the news to $3.42 in New York trading. According to a securities filing late on Tuesday, the new offer raises the total value of Grupo SBF’s bid to about $114.9 million, a 5.7% increase over the previous $3.50 per share bid by Centauro, which did not get a counter offer by Magazine Luiza. Common shares in Magazine Luiza fell around 1% in early trading in SALo Paulo while Grupo SBF shares rose more than 1%. The bidding war underpins the importance of internet merchants to attract shoppers who are increasingly inclined to buy products online on their smartphones and tablets. Gr
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