Cabela’s put themselves up for sale about 10 months ago, and Bass Pro Shops is completing their overall purchase of the retailing giant. Initially, Bass Pro Shops only bought their line of reward credit cards. An announcement today on Cabela’s website states that the sale/purchase of their company is going to be complete soon. Business Wire was the 1st to post on this transaction, and that is the public statement listed on the Cabela’s website as well:
Bass Pro Shops and Cabela’s Incorporated (NYSE:CAB), two iconic American outdoor companies with similar humble origins, and with a shared goal to better serve those who love the outdoors, today announced that they have entered into a definitive agreement under which Bass Pro Shops will acquire Cabela’s for $65.50 per share in cash, representing an aggregate transaction value of approximately $5.5 billion.
At the moment, there is no talk of closing any Cabela’s stores, closing of Bass Pro Shops stores, or re-branding of stores into Bass Pro Shops. It appears to be all happy business so far and the deal should be fully completed by early 2017.
Something that may come as a surprise, but makes good business sense is Bass Pro Shops’ announced coordination with Capital One to take over the credit cards for both companies. This will occur once the acquisition is complete. The points cardholders have for either the Cabela’s CLUB, Bass Pro Shop, or co-branded cards will remain the same. Capital One, a subsidiary of Capital One Financial Corporation, will take over the servicing of these cards in early 2017 in what should be a multi-year deal between them and Bass Pro Shop.
To view the public statement on Cabela’s website, click HERE.
To view the article 1st posted on the Business Wire, click HERE.
To view the public statement on Bass Pro Shops website, click HERE.