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Article Date: June 2019
Word Count: 207

Netshoes Shareholders Approve Magazine Luiza Bid


Despite a last minute $4.10 per share bid from Centauro, Brazil’s largest sporting goods retailer, NETS shareholders voted to accept Magazine Luiza’s $3.70 per share offer. Of the 26,021,532 common shares voting, representing 83.79% of shares outstanding, 23,501,944 voted for the Luiza bid, 2,204,663 against, and 314,925 abstained. The Netshoes board continued to back the Magazine Luiza offer, saying that although Centauro was offering bridge financing and assuming the anti-trust risks, it believes the Magazine Luiza bid offered more certainty for an expedient closing. It basically said Centauro should have submitted an offer like this much earlier in the process, ... Log in to view full article.

 


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