Ca­bela be­ing sold to Bass Pro Shops

The Guardian (Charlottetown) - - BUSINESS -

SID­NEY, Neb. — Ca­bela’s share­hold­ers are giv­ing a nod to the sale of the out­door out­fit­ter to rival Bass Pro Shops for roughly $4 bil­lion.

The Ne­braska chain said Tues­day that share­hold­ers ap­proved a deal, an­nounced in Oc­to­ber, which will pay them $61.50 per share. Sport­ing goods re­tail­ers, like the rest of the re­tail sec­tor, has been un­der pres­sure be­cause of chang­ing shop­ping pat­terns. Com­pany of­fi­cials have said they ex­pect the sale to close later this year, but bank­ing reg­u­la­tors must still ap­prove the sale of Ca­bela’s credit card unit, which is part of the deal. Af­ter the buy­out, the com­pany will be based in Bass Pro’s home­town of Spring­field, Mis­souri.

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