Ca­bela’s share­hold­ers OK Bass Pro bid

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM -

SIDNEY, Neb. — Ca­bela’s share­hold­ers on Tues­day ap­proved the sale of the out­door out­fit­ter to ri­val Bass Pro Shops for roughly $4 bil­lion.

The deal, an­nounced in Oc­to­ber, will pay Ca­bela’s Inc. share­hold­ers $61.50 per share, the Ne­braska-based chain said Tues­day. The shares rose 8 cents Tues­day to close at $59.87 in New York trad­ing.

Sport­ing goods re­tail­ers, like the rest of the re­tail sec­tor, have 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, Mo. It’s not yet clear how many of the roughly 2,000 work­ers at Ca­bela’s head­quar­ters of Sidney, Neb., will be kept on.

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