Bass Pro is paying $65.40 cash per share.
In addition, Bass Pro is entering a multi-year partnership with Capital One to service the Cabela’s Club co-branded credit card. Bass Pro says Cabela’s stores, catalog business and e-commerce “will blend seamlessly: with Bass Pro Shops current operations.
The following is a statement from Bass Pro’s press release:
“Bass Pro Shops intends to celebrate and grow the Cabela’s brand and will build on qualities that respective customers love most about Cabela’s and Bass Pro Shops. In addition, Bass Pro Shops recognizes the strength of Cabela’s CLUB Loyalty program and intends to honor Cabela’s customer rewards and sees potential over time to expand the program in the combined company.”
Cabela’s was founded in 1961 by Dick, Mary and Jim Cabela. Cabela’s operates 85 specialty retail stores.
Bass Pro Shops was founded in 1972 by Johnny Morris. It currently has 99 stores under its umbrella.
“Today’s announcement marks an exceptional opportunity to bring together three special companies with an abiding love for the outdoors and a passion for serving sportsmen and sportswomen,” said Johnny Morris, founder and CEO of Bass Pro Shops. “The story of each of these companies could only have happened in America, made possible by our uniquely American free enterprise system. We have enormous admiration for Cabela’s, its founders and outfitters, and its loyal base of customers. We look forward to continuing to celebrate and grow the Cabela’s brand alongside Bass Pro Shops and White River as one unified outdoor family.”
Last fall, Cabela’s was seeking a buyer and looking at various alternatives after its shares were down nearly 20%.
The deal is expected to close the first half of 2017.