After two years of working on the deal, privately owned Bass Pro Shops acquired Nebraska based Cabela’s for $4 billion, combining Cabela’s 82 stores in the U.S. and Canada with the 95 stores of Bass Pro Shops in the two countries.
In 2015, Cabela announced that they were considering a sale after a 21% decline in stock price over that year and aimed to restructure the entire company to reduce expenses. The company had been under a huge amount of pressure to pursue alternatives from an activist investor, Elliott Associates L. P. who had a 11.1%Q stake in Cabela at the time.
The Federal Reserve had approved the sale of Cabela’s credit card business earlier in the month to a Georgia based bank called Synovus which will keep $1.2 billion in deposits but will also resell the business to Capital One. After Cabela’s shareholders and the Federal Trade Commission signed off on the deal, Bass Pro agreed to pay $61.50 per share to acquire the company. Bass Pro recently created a website, basspro.com/together where they answer many questions about the merger with Cabela.