Cabela’s shareholders OK Bass Pro bid
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.