Netshoes confirms merger with Magazine Luiza

Brazilian sportswear e-commerce giant Netshoes has finally confirmed its merger with compatriot Magazine Luiza after a long dispute for the acquisition of the company between Magazine Luiza and Grupo SBF.

Magazine Luiza shall pay 3.70 US dollars per share or 115 million US dollars -- almost twice as much as the initial offer made in April , before Grupo SBF entered the dispute and kept making higher bids. Magazine Luiza’s last offer was approved by 90.32 percent of the stakeholders.

Netshoes’ president, Marcio Kumruian, will remain in the company for at least 12 months, the company informed in a statement. The company has also notified the New York Stock Exchange of the completion of the Merger and that the trading of its common shares will be suspended from June 17.

Photo: Netshoes Facebook