YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe
Bass Pro Shops is scheduled to close Sept. 25 on the $5 billion purchase of Cabela’s.
SBJ file photo
Bass Pro Shops is scheduled to close Sept. 25 on the $5 billion purchase of Cabela’s.

Cabela’s discloses closure date for buyout by Bass Pro

Posted online

Sidney, Nebraska-based Cabela’s Inc. (NYSE: CAB) disclosed the closing date of sale to Bass Pro Shops in a U.S. Securities and Exchange Commission filing.

The filing on Sept. 8 indicates the $5 billion purchase by the Springfield-based outdoor retailer will wrap up Sept. 25. The disclosure came two days after Cabela’s announced the Federal Reserve approved the sale of its World’s Foremost Bank subsidiary to Synovus Bank, the final regulatory hurdle to complete the transaction.

In an emailed statement, Bass Pro founder Johnny Morris confirmed Sept. 8 the buyout would finalize later this month, but a specific date was not concrete.

Through the purchase, Bass Pro will grow its store count to 184 from 99 and have aggregate annual revenue of roughly $8.6 billion. Morris will become CEO and majority shareholder of the combined entity, and Cabela’s will be made private as it merges into Bass Pro.

Cabela’s shares have consistently traded 13 percent above Wednesday’s closing price since the company announced the Fed’s decision. Shares were trading at $61.25 as of 8:49 a.m., compared with a 52-week range of $45 to $63.60.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick

Business Spotlight: Modern Muscle Gain

Starting Strength Online Coaching is changing the gym experience — by removing it.

Most Read