Bass agree Shops and also Cabela’s announced ~ above Tuesday that they properly completed your merger, in i beg your pardon Bass agree Shops acquired Cabela’s because that $61.50 every share in cash, representing an accumulation transaction value of around $5 billion.
Part that the transaction was the acquisition of particular assets and also liabilities of world Foremost Bank, (a wholly own subsidiary of Cabela’s) through Synovus Bank, (a wholly own subsidiary of Synovus Financial) for approximately $1.2 billion, follow to the release.
You are watching: Did cabela’s get bought out by bass pro shop
At lengthy last, Bass agree Shops take it on Cabela’s, bringing the struggling publicly traded rival right into its privately hosted fold. In spite of a fairly solid discussion for the tie-up, the acquisition procedure wasn’t smooth. The similarities of the 2 retailers renders the mergers at as soon as rational and a target of cautious scrutiny native regulators, Scott Wagner, one antitrust expert and partner in regulation firm Bilzin Sumberg’s lawsuit group, told retail Dive last year — and that"s precisely what the proposal received since it was announced last October.
In December, each firm received an FTC request for additional information and documents (commonly recognized as a "second request"), which launched a much more involved process, and a delay. The attendant revenue of Cabela"s credit transaction card business additionally threatened the plan, till subsidiaries that Synovus Financial and also Capital One financial in April devised an agreement to resolve that.
See more: Chick Fil A Noblesville Hamilton Town Center, Noblesville Planners Find Chick
At the time, the retailers also amended your merger agreement, lowering the price tag to hasten approval. Bass agree Shops will now get Cabela’s because that $61.50 per share in cash (down from the formerly announced price that $65.50) — an accumulation transaction worth of $5 billion.
Cabela"s was entertaining a sale even prior to hedge money Elliott capital Management discover its 11.1% stake in November 2015 and started pushing the retailer to seek "strategic alternatives," including a sale, follow to products sent to shareholders previously this year.
Cabela"s and also Bass pro Shops have actually a lot of in common. Both were established in approximately the exact same time frame and in the exact same area of the country, with a similar number of stores share a destination-like to buy approach. "This speaks to among the higher trends in the industry — in retail, however in sporting products in details — to produce a customer suffer that renders it worthwhile to go to a store," IBISWorld analyst Rory Masterson told retail Dive last year. There’s likewise considerable overlap in their customer bases: bass Pro detailed that 45% the its customers also frequent Cabela’s.