Bass Pro Shops, Cabela tweak deal to appease regulators
19 April, 2017, 09:49 | Author: Eloise Marshall
In Tuesday's filings, Cabela's Incorporated announced that it has entered into agreements with subsidiaries of Synovus Financial Corp. and Capital One in connection with the sale of the assets and liabilities of Cabela's wholly owned bank subsidiary, World's Foremost Bank (the Bank).
The Sidney, Neb. -based company said Monday after markets closed that Bass Pro Shops would pay $5 billion, or $61.50 per share to acquire its retail business.
The company was not immediately available to comment on the lowered merger price.
Capital One Financial Corporation originally made the successful bid for Cabela's credit card unit, but Capital One troubles unrelated to the Cabela's acquisition made the purchase directly from Cabela's fall through.
Cabela's announced Monday it has agreed to a $5 billion purchase price, about $500 million less than originally announced in the October 3, 2016, merger agreement, according to a written statement.
The new merger terms come amid regulatory scrutiny of the deal, although Cabela's did not offer a reason for the revised price.
In the same statement, 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".
Cabela's operates more than 80 stores in the US and Canada, including one location in Mitchell and one in Rapid City.
The deal is expected to close in the third quarter.
There's also considerable overlap in their customer bases: Bass Pro noted that 45% of its customers also frequent Cabela's. "We look forward to completing these transactions for the benefit of our shareholders, Outfitters and outdoor enthusiasts".
That also held up the sale of the retail operation to Bass Pro. Synovus will retain the bank's deposits.
The Bass Pro Shops merger remains subject to approval by Cabela's shareholders, as well as antitrust clearance and other customary closing conditions.
The $61.50 per share price is still a good deal for shareholders, said Gordon, the University of MI professor, and even for the people of Sidney, the Nebraska town Cabela's now calls home.
A Bass Pro Shops/Cabela's merger would create a national chain with more than 180 locations, roughly 40,000 workers with control of more than 20 percent of the $50 billion US hunting, camping and fishing market, analysts at Stifel Nicolaus have estimated.
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