(Neb)-Shareholders OK Cabela's Sale
Courtesy photo - MGN. Bass Pro, Cabela's.jpg
SIDNEY, Neb. (AP) - Cabela’s shareholders Tuesday approved selling the Sidney-based outdoor outfitter to rival Bass Pro Shops for roughly $4 billion in a deal that will pay them $61.50 per share.
When announced last October, the price was $66.50 a share but a number of issues led to a revised deal in April at the lower price.
Cabela’s CEO Tommy Millner says the shareholder vote is an encouraging milestone for the deal that both companies expect to close later this year.
The Federal Trade Commission approved it a week ago Monday, but banking regulators have yet to approve the sale of Cabela’s credit card and banking operations..
Capital One will buy the credit card business while Georgia-based Synovus Financial will acquire the assets and deposits of World's Foremost Bank. The original plan called for Capital One to buy both the credit card and banking operations, but ran into regulatory hurdles.
Bass Pro Shops has about 100 stores and 20,000 employees while Cabela's has 19,000 employees and 85 stores in the U.S. and Canada. When they announced their plans to merge, Bass Pro founder and CEO Johnny Morris said the company would keep the Cabela's brand
After the merger, the company will be based in Bass Pro’s hometown of Springfield, Missouri. It’s not yet clear how many of the roughly 2,000 jobs at Cabela’s headquarters in Sidney will remain after the deal.
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