Could the sale of Cabela's to Bass Pro Shops be imminent?
The swirling rumors on Bass Pro Shops purchasing Cabela's continue. The New York Post is now reporting that a sale of Cabela's to Bass Pro and investment giant Goldman Sachs is expected to wrap up at any time now.
"Bass is the only buyer around it," an unnamed source told the New York Post.
News first broke of Bass Pro Shops teaming with investment heavyweight Goldman Sachs in the purchase attempt back in April. It does indeed seem like months of speculation over the proposed sale may be coming to a close. One important detail of note, the New York Post also reports Cabela's was finally successful in finding a buyer for their highly-successful credit card company.
It had been reported back in January they were planning to shop that first before selling the rest of the company.
Cabela's has reportedly been under intense pressure to sell since last October when Elliot Management hedge fund bought 11 percent of the company. Apparently there were some other potential buyers in private equity companies Apax Partners and TPG Capital, but they have since abandoned their attempts.
Interestingly enough, this latest rumor of an imminent sale comes as Cabela's announced the building of two more brick-and-mortar locations. One of the new locations is slated to be in Michigan, the other in New Mexico.
It remains to be seen what a potential sale of the company could mean for these new locations. Wide Open Spaces will keep an eye on this major story and bring the latest if and when a sale of Cabela's does go through.