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Author Topic:  Bass Pro Shops to pay less for Cabela’s under new terms  (Read 51 times)

Online Jared

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Bass Pro Shops to pay less for Cabela’s under new terms

April 17, 2017

Bass Pro Shops will pay about $500 million less for Cabela's under the new terms of the companies' merger agreement announced Monday.

Under the Amended Merger Agreement, Bass Pro Shops will acquire Cabela’s for $61.50 per share in cash, representing an aggregate transaction value of approximately $5.0 billion. Cabela’s Board of Directors unanimously approved the transaction, which is expected to close in the third quarter of 2017, subject to Cabela’s shareholder approval, regulatory approvals and other customary closing conditions.

When the deal was first announced in October, it called for a price of $65.50 per share in cash or an aggregate transaction value of approximately $5.5 billion.

“We’re excited to announce this agreement, which allows us to look ahead with greater certainty toward the completion of our merger with Bass Pro Shops and offers a positive step forward for all parties,” said Tommy Millner, Cabela’s CEO. “We look forward to completing these transactions for the benefit of our shareholders, Outfitters and outdoor enthusiasts.”

Johnny Morris, founder and CEO of Bass Pro Shops said, “We remain excited about the exceptional opportunity we have to continue to serve sportsmen and sportswomen by bringing together Cabela’s, Bass Pro Shops and White River Marine Group. Today’s announcement is an important step forward and we are excited about the opportunity to continue celebrating the great Cabela’s brand with ours as one unified outdoor family for our customers and for conservation.”

Cabela's also announced that it has entered into agreements with subsidiaries of Synovus Financial Corp. and Capital One Financial Corporation in connection with the sale of the assets and liabilities of Cabela’s wholly owned bank subsidiary, World’s Foremost Bank.

Synovus Bank, a bank subsidiary of Synovus Financial Corp., a financial services company based in Columbus, Georgia, with approximately $30 billion in assets, will acquire certain assets and assume certain liabilities of the bank, including deposits totaling approximately $1.2 billion. Following the completion of the sale of the bank’s assets and liabilities, Synovus will sell the bank’s credit card assets and related liabilities to Capital One. Synovus will retain the bank’s deposits.

As originally announced, Capital One will be the exclusive issuing partner of Cabela's branded CLUB Visa program pursuant to a 10-year program agreement. Capital One intends to continue to operate the Cabela’s CLUB servicing center in Lincoln, Nebraska.

The Bass Pro Shops merger remains subject to approval by Cabela’s shareholders, as well as antitrust clearance and other customary closing conditions. The bank transaction is subject to regulatory approvals by Synovus’s primary bank regulators and other customary closing conditions. The bank transaction will close immediately prior to the closing of the Bass Pro Shops merger.

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Offline Nitrofreak

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Re: Bass Pro Shops to pay less for Cabela’s under new terms
« Reply #1 on: April 20, 2017, 08:32:02 AM »
Your one stop shop for everything outdoors...

Johnny Morris is doing it all, the Walton of the outdoor world.

Not saying this in a bad way at all, Johnny Morris started with nothing but an idea and look at where he has gone with it, about all that can be said is wow man, congratulations on building an empire !! 
Too much cause and effect thinking takes the freedom out of fishing- Bill Murphy

Offline rivermandave

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Re: Bass Pro Shops to pay less for Cabela’s under new terms
« Reply #2 on: April 20, 2017, 02:56:56 PM »
Sorry...but I don't like the merger :crying:

Stopped liking Bass Pro when the jacked-up their prices in 2008.

I'm sure Cabela's board will love their new fortune :blow-nose:

Offline iamski

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Re: Bass Pro Shops to pay less for Cabela’s under new terms
« Reply #3 on: April 20, 2017, 08:09:04 PM »
I think I heard that  Cabela's stores will keep the name too.
Everyone has to believe in something. I believe I'll go Fishin.

Offline Jig Man

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Re: Bass Pro Shops to pay less for Cabela’s under new terms
« Reply #4 on: April 21, 2017, 06:49:40 AM »
It will be interesting to see how it unfolds.  John L has been buying up competition in the boating industry for several years then dropping them out of sight.  Do you remember Kenner center consoles, Pro Craft bass boats, Champion bass boats, Fisher aluminum boats just to name a few.
If you're too busy to go fishin' you're too busy.


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