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UPDATE 1-Brazil's Magazine Luiza to buy Netshoes for $114.9 mln; shares rise

(Adds context and share price)

SAO PAULO, June 14 (Reuters) - 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.

Grupo SBF, which operates Centauro stores in Brazil, had revised its latest offer for Netshoes to $4.10 per share, corresponding to about $127 million. Netshoes had received the revised SBF offer, but said the board would be unable to evaluate it before a shareholder vote on the transaction scheduled for Friday.

That led Netshoes' board to reaffirm a recommendation for a transaction with Magazine Luiza..

Shares of Netshoes fell around 2.5% in New York trading after Magazine Luiza announced its offer was successful. (Reporting by Ana Mano Editing by Bernadette Baum)