Cabela’s shareholders OK $4B sale to Bass Pro Shops
Sidney, Neb. — Cabela’s shareholders are giving a nod to the sale of the outdoor outfitter to rival Bass Pro Shops for roughly $4 billion.
The Nebraska chain said Tuesday that shareholders approved a deal, announced in October, which will pay them $61.50 per share.
Sporting goods retailers, like the rest of the retail sector, have been under pressure because of changing shopping patterns.
Company officials expect the sale to close later this year, but banking regulators must still approve the sale of Cabela’s credit card unit.
After the buyout, the company will be based in Bass Pro’s hometown of Springfield, Missouri. It’s not yet clear how many of the roughly 2,000 workers at Cabela’s headquarters in Sidney, Neb., will be kept on.