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Bass Pro Shops completes its $5 billion acquisition of Cabela’s Inc.
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Bass Pro Shops completes its $5 billion acquisition of Cabela’s Inc.

Cabela’s executives net $859M in sale to Bass Pro

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Bass Pro Shops’ completed purchase yesterday of Sidney, Nebraska-based Cabela’s Inc. (NYSE: CAB) set off a flurry of share conversions by the rival company’s executives and board members.

The $5 billion acquisition gave shareholders $61.50 apiece for their shares in Cabela’s, according to U.S. Securities and Exchange Commission filings.

Fifteen Cabela’s officers and directors net a combined $859.4 million from the deal that merged the company into Bass Pro and made the combined entity a private business led by Johnny Morris, according to Springfield Business Journal’s examination of SEC filings.

The top earner in the transaction was Cabela’s Chairman James Cabela, whose 11.2 million shares converted to $689.1 million.

Below are the remaining Cabela’s executives and officers, their titles, number of shares and earnings from the transaction:
    •    Michael McCarthy, board member, 1.6 million shares, $96.6 million;
    •    Ralph Castner, chief financial officer, 408,381, $25.1 million;
    •    Dennis Highby, board member, 348,982, $21.5 million;
    •    Thomas Millner, CEO, 210,942, $13 million;
    •    Charles Baldwin, executive vice president, 78,374, $4.8 million;
    •    Douglas Means, executive vice president, 32,839, $2 million;
    •    Sean Baker, executive vice president, 31,598, $1.9 million;
    •    Scott Williams, president, 31,066, $1.9 million;
    •    Theodore Armstrong, board member, 23,279, $1.4 million;
    •    John Edmondson, board member, 14,456, $889,044;
    •    Beth Pritchard, board member, 8,456, $520,044;
    •    James Wright, board director, 4,239, $260,699;
    •    Donna Milrod, board member, 3,301, $203,012; and
    •    Peter Swinburn, board member, 2,637, $162,176.

Through the purchase, Bass Pro nearly doubled its store count to 184 from 99, as well as its annual revenue to $8.6 billion from an estimated $4.5 billion.

The Springfield outdoor retailer and Cabela’s originally announced the deal in October 2016. Cabela’s shareholders gave the green light to the sale in July, and earlier this month, the acquisition cleared its final regulatory hurdle when the Federal Reserve approved a crucial step. The Fed gave the go-ahead to Cabela’s sale of its World’s Foremost Bank subsidiary to Synovus Bank.

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