Cabela’s ‘opens books’ to suitors
Article Media Click images to enlarge +
Under pressure outdoor retailer Cabela’s is reported to have opened its financial books to rival chain Bass Pro Shops and other potential buyers.
It has been widely reported in the US media that the outdoor retailer is getting serious in its bid to track down a buyer. The company has been under fire since October from activist billionaire investor Paul Singer’s Elliott Management hedge fund, which bought an 11% stake and pressed management to consider options for boosting the stock price, including its sale.
In December, the Sidney, Nebraska operation, which has 27 stores across the US and in Canada, announced that it would be exploring its options, but has held off distributing confidential financial information to potential buyers until now.
Bass Pro Shops founder, Johnny Morris, is said to have a long-held ambition to buy his closest rival.