Johnny Morris addresses Cabela’s talks on CNBC

Appearing Friday on CNBC’s “Squawk Box,” Bass Pro Shops founder Johnny Morris spoke to reported talks the company is seeking to buy rival Cabela’s Inc. (NYSE: CAB).

In a segment dubbed “Reeling in holiday shoppers,” co-anchor Joe Kernen asked Morris, “Are you going to buy Cabela’s? That’d be a helluva combination, you’ve got to admit, because you’re more East, they’re more West, right?”

“There’s a lot of rumors from this. Who knows where they’ll lead, if anywhere, but we have a high regard for that company,” Morris said.“Both our companies grew up pretty much the same way, from passion of the founders around the outdoors. There’s so many great people there. It’s a great brand we respect.”

Earlier this month, Reuters first reported Bass Pro was courting the the Sidney, Neb.-based outdoor retailer.

Co-anchor Becky Quick followed up by asking whether Morris or Bass Pro had been approached by investor Elliott Management Corp., which last month disclosed an 11 percent stake in Cabela’s and called on the Sidney, Neb.-based chain to seek out strategic alternatives, including a sale to a private equity firm.

“Uh, they probably have, but we haven’t had any business with them to be candid, none at all,” Morris said.

Reached by Springfield Business Journal for the article “Why Bass Pro would court Cabela’s,” Bass Pro spokesman Jack Wlezien said the company’s policy is not to comment on “market rumors.”

In the article, Jeff Jones, an assistant professor of finance at Missouri State University, speculated that “no comment” responses from Bass Pro could be a sign that the talks are more than just rumors.

“If I was Bass Pro, though, what’s the first thing I would do if that wasn’t true? I’d release a statement saying, ‘That’s not true,’” he said. “The silence might mean yes.”

If Bass Pro bought Cabela’s, it would add 77 stores in the U.S. and Canada, as well as 12 that are planned. Bass Pro currently operates 77 stores, as well as 20 Tracker Marine Centers. It has 16 stores in the works. Last year, Bass Pro reportedly hired New York merger-and-acquisition advisory firm Moelis & Co. (NYSE: MC) to explore financing options.

Cabela’s shares were trading at $46.17 as of 12 p.m., compared to a 52-week range of $33.03 to $58.90.