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Netshoes receives unsolicited proposal from Grupo SBF

Brazilian shoes and athletic wear retailer Netshoes (Cayman) Ltd. said May 23 that it has received an unsolicited proposal from São Paulo-based sports retailer Grupo SBF SA, or Centauro, to acquire all of its outstanding common stock for $2.80 per share.

Netshoes said April 29 that it has agreed to merge with Magazine Luiza SA, which will buy all of Netshoes' common stock for $2 per share, or about $62 million.

The company said its board of directors will carefully review Centauro's proposal and has informed Magazine Luiza of the matter.

Netshoes also reaffirmed its existing recommendation of the transaction with Magazine Luiza, saying it is yet to determine as to whether the Centauro proposal is a superior one.

Goldman Sachs & Co. LLC serves as financial adviser to Netshoes. Simpson Thacher & Bartlett LLP, Demarest Advogados and Campbells serve as legal advisers to Netshoes.