Brazilian retailing company Magazine Luiza SA has increased its bid to purchase sports and lifestyle online retailer Netshoes Ltd.

Netshoes said that Magazine Luiza raised its offer to buy the company from $2 per share to $3 per share.

The transaction is expected to value the company at about $93.18 million. Netshoes' board has approved the amendment and recommended that shareholders favor the deal.

Magazine Luiza added that the offer will be voted on at the shareholders' assembly scheduled for May 30.