The battle for control of Netshoes, the biggest sports e-tailer in Latin America, is escalating. As reported in our last issue, Magazine Luiza initially made a bid for Netshoes at $2.00 per share, valuing the company at $62 million. Late last month, Grupo SBF, which owns the big Centauro chain of sporting goods stores, then launched a counter-bid at $2.80 a share. Magazine Luisa reacted immediately by raising its offer price to $3.00 per share, which values Netshoes at $93 million. The board of Netshoes has almost unanimously approved the latest bid, with the abstention of Marcio Kumruian, founder and chief executive of the company. It has invited shareholders to an extraordinary meeting on June 14 to approve it.

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