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Brazilian retailer Grupo SBF SA, which controls sports retailer Centauro, has raised its bid for Netshoes Ltd, the firm said late on Tuesday, as a bidding war for the struggling e-commerce player heated up. Brazilian electronics and appliance retailer Magazine Luiza SA first agreed to buy Netshoes in late April, offering $2 per share, but that deal was countered by a $2.80-per-share offer from Grupo SBF last week.

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Apparel retailer Grupo SBF SA , operator of Brazil's Centauro stores, has boosted its offer for online sports retailer Netshoes Cayman Ltd to $3.70 per share, as it tries to outbid rival contender Magazine Luiza SA. Netshoes shares surged 12.5% on the news to $3.42 in New York trading. According to a securities filing late on Tuesday, the new offer raises the total value of Grupo SBF's bid to about $114.9 million, a 5.7% increase over the previous $3.50 per share bid by Centauro, which did not get a counter offer by Magazine Luiza.

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Brazilian retailer Magazine Luiza SA said shareholders of online sports retailer Netshoes Ltd had approved its bid for the company at $3.70 per share, according to a securities filing on Friday. The company, which had been competing with rival retailer Grupo SBF to buy Netshoes over the past few days, said the $114.9 million transaction would be concluded by June 19. Magazine Luiza's shares rose 2% on the São Paulo Stock Exchange.

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Grupo SBF SA, operator of Brazil's Centauro stores, again boosted its offer for Netshoes Cayman Ltd, this time to $4.10 per share, the latest move in a bidding war over the online sports retailer with Magazine Luiza SA. According to a securities filing on Thursday night, the new offer raises the value of Grupo SBF's bid to about $127.3 million, a 10.8% rise over the previous $3.70 per share bid.

Apparel retailer Grupo SBF SA , operator of Brazil's Centauro stores, has increased its offer for online sports retailer Netshoes Cayman Ltd to $3.70 per share, as it continues to try and outbid contender Magazine Luiza. According to a securities filing late on Tuesday, the new offer raises the total value of Grupo SBF's bid to about $114.9 million, a 5.7% rise over the previous $3.50 per share bid. Grupo SBF said shareholders of Netshoes are scheduled to deliberate on the transaction on June 14, and said it had sweetened the offer because of Netshoes' weak financial condition and short-term liquidity concerns.