June 14, 2019 / 3:39 PM / 3 months ago

Brazil's Magazine Luiza says Netshoes approves its takeover bid

SAO PAULO, June 14 (Reuters) - Brazilian retailer Magazine Luiza SA said that shareholders of online sports retailer Netshoes Ltd approved its bid for the company at $3.70 per share, according to a securities filing on Thursday.

Magazine Luiza, which was bidding against rival retailer Grupo SBF to buy Netshoes, said the transaction will be concluded by June 19. (Reporting by Ana Mano Editing by Chizu Nomiyama)

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