Cabela’s shareholders to vote on Bass Pro bid
Article Media Click images to enlarge +
The drawn-out merger of two of North America’s foremost outdoor sports retailers could take a significant step forward next month.
Cabela’s shareholders will vote on Tuesday, July 11th on selling the company to its rival retailer, Bass Pro Shops. Many shareholders will vote remotely — via mail, phone or online — but Cabela’s will host a meeting to discuss the results at its company headquarters in Sidney, Nebraska, that day.
If approved by shareholders, it will bring the retailer one step closer to a sale to its longtime competitor, Bass Pro. The proposed acquisition also awaits regulatory approval from the Federal Trade Commission. Cabela’s said it hopes to close on the sale in the third quarter this year.
Bass Pro announced in October that it would buy Cabela’s for $5.5 billion, or $65.50 per share, including debt. The deal has since been restructured, and shareholders now will vote on an agreement for $61.50 per share.
World’s Foremost Bank, which operates Cabela’s credit card, will be sold to Synovus Financial Corp., and Capital One will operate the credit card operation.