Outdoor giant Bass Pro to acquire rival Cabela’s for $5.5B
OMAHA, Neb. (AP) — Outdoor gear giants Bass Pro and Cabela’s will combine in a $5.5 billion deal announced Monday.
Bass Pro is paying Cabela’s shareholders $65.50 cash per share. The deal creates uncertainty about jobs in Cabela’s home state of Nebraska. The combined companies plan to keep some operations in Sidney and Lincoln, Nebraska, but it’s not immediately clear how many jobs might be lost.
Bass Pro CEO Johnny Morris says he hopes to continue growing the Cabela’s brand alongside his own Springfield, Missouri, based chain.
Capital One will take over running Cabela’s credit card unit as part of the deal. Activist investment firm Elliott Management began pushing for significant changes at Cabela’s last fall. Cabela’s employs about 2,000 people in the western Nebraska town of Sidney, which has about 7,000 residents.