Brazil's SBF Group makes counteroffer for Netshoes

Brazil’s Grupo SBF, owner of sporting goods chain Centauro, has submitted a counteroffer of $2.80 per share to acquire online shoe retailer Netshoes Ltd, the company said in a filing on Thursday.

That would value the U.S.-listed company at around $87 million, and represents a 40% premium over the offer made by Brazilian retailer Magazine Luiza at the end of last month, which values Netshoes at around $62 million, SBF said.

According to the SBF filing, its board of directors unanimously approved the proposal to buy 100% of Netshoes shares.

Magazine Luiza said on Thursday that Brazil’s antitrust watchdog Cade has given its bid the green light. The company did not immediately comment on SBF’s offer. Netshoes did not immediately respond to an email seeking comment.

Netshoes shares were launched on the New York Stock Exchange in 2017 at $18 a share. They closed trading on Wednesday at $1.96.