Bass Pro Shops To Buy Cabela's For $65.50/shr - Quick Facts

(RTTNews) - Bass Pro Shops and Cabela's Inc. (CAB) announced a definitive agreement under which Bass Pro Shops will acquire Cabela's for $65.50 per share in cash, representing an aggregate transaction value of approximately $5.5 billion. Bass Pro Shops Founder and CEO Johnny Morris will continue as CEO and majority shareholder of the new entity, which will remain a private company.

Upon closing, Bass Pro Shops will commence a multi-year partnership agreement with Capital One, National Association, a wholly-owned national banking subsidiary of Capital One Financial Corp. (COF), under which Capital One will originate and service the Cabela's CLUB, and the Cabela's co-branded credit card. Immediately prior to closing, Capital One will acquire certain assets and assume certain liabilities of Cabela's World's Foremost Bank. The cash proceeds from this transaction will remain with Cabela's until it is acquired by Bass Pro Shops.

The transaction agreements were unanimously approved by Cabela's Board following a comprehensive review of strategic and financial alternatives. The deal, which is expected to close in the first half of 2017, is subject to approval by Cabela's shareholders, as well as regulatory approvals and other customary closing conditions.