Cabela’s stock rises on report of unit sale.
Shares of Cabela’s soared after a report that the sale of its credit card unit and the $ 4.5 billion sale of its retail business to Bass Pro Shops had been revitalized.
The Wall Street Journal reported Wednesday that regional bank Synovus Financial based in Columbus, Ga., was negotiating a role in the deal.
Previously, Cabela’s had said Capital One’s proposed purchase of the credit card unit attracted scrutiny that could have delayed the transaction.
The Federal Trade Commission has also requested information on the deal.
Cabela’s stock had declined since last year because of the questions. It jumped more than 12 percent to $ 52.04Wednesday before falling to $ 51.01.
Privately held Bass Pro agreed to pay $ 65.50 cash per share in the deal.