The battle for control of Netshoes, the Brazilian e-tailer specializing in athletic footwear, has ended. Its shareholders approved on Friday Magazine Luiza's latest improved offer of $3.70 a share, valuing the company at $115 million. The Brazilian omni-channel retailer had 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. SBF counter-attacked with an improved offer at $3.50 a share and raised it to $4.10 just before the shareholders' meeting. However, the board of Netshoes continued to support Magazine Luisa's proposal, despite the abstention of Marcio Kumruian, founder and chief executive of the company, indicating that SBF may not be able to address Netshoes' immediate liquidity concerns.

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