Bass Pro Shop has cleared the last roadblock in purchasing Cabela’s.
In what sounded like rumors at first, Bass Pro Shops has just cleared a final roadblock to make the rumor of purchasing Cabela’s a reality.
The Federal Trade Commission signed off earlier this week as the antitrust regulators completed their investigation into the $4.2 billion deal. Cabela’s shareholders will now need to vote on the deal by July 11th.
According to Fox Business, the transaction is expected to close during the third quarter. Cabela’s agreed in April to be bought for $61.50 a share, which is slightly lower than the original $65.50 a share. Fox Business states that under the new plan, Capital One will buy Cabela’s credit card business. Synovus will acquire the assets and deposits of World’s Foremost Bank.
Business will remain as usual with no initial impact on the merger according to Bass Pro Shops CEO and founder, Johnny Morris.
The merger will keep loyalty points for both Bass Pro and Cabela’s customers. Bass Pro Shops will also be taking over Cabela’s credit card business with the partnership of Capital One. Business shall remain the same just under new ownership and business plan. For customers, it may almost be unnoticeable, but for shareholders things hopefully will soon begin to grow again.