Regulators get more time to review Bass Pro, Cabela’s deal

Bass Pro Shops issued the U.S. Department of Justice’s Antitrust Division, U.S. Federal Trade Commission and Canadian Competition Bureau additional time to review its $5.5 billion purchase of Sidney, Neb.-based Cabela’s Inc. (NYSE: CAB).

In a filing yesterday submitted by Cabela’s with the U.S. Securities and Exchange Commission, officials of both companies said the DOJ and FTC’s 30-day statutory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was scheduled to expire Nov. 25. Upon request by the agencies, Bass Pro and Cabela’s granted an extension through Dec. 29, unless the DOJ or FTC grants early termination of the review.

A review by the Canadian Competition Bureau was scheduled to expire Nov. 24, but that agency, too, indicated it needed more time to consider the buyout. The bureau issued the companies a supplementary information request, indicating it requires additional information to assess the transaction. That request also comes with an additional 30-day review period, according to the SEC filing.

The SEC filing did not indicate why the agencies are seeking more time to review the buyout. A Bass Pro spokesman could not be reached immediately for comment.

Regulators often cite antitrust concerns when reviewing large company acquisitions. Over 180 stores in the combined Bass Pro and Cabela’s company would compare to 162 stores by the nearest competitor, Gander Mountain Co.

Bass Pro and Cabela’s announced the tie-up in October that would nearly double the Springfield outdoor retailer’s employee and store count.

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