Cabela's stockholders approve sale to Bass Pro Shops
SIDNEY, Neb. - Cabela’s Incorporated said Tuesday that its shareholders approved the company's sale to Bass Pro Shops of Springfield, Mo. The vote was Tuesday morning at Cabela's headquarters here.
Bass Pro and Cabela's announced the deal last fall. Bass Pro Shops will pay $4 billion to buy Cabela's. The Federal Trade Commission approved the deal last week. Cabela's shareholders will receive $61.50 per share.
In addition to selling Cabela's stores, website and catalog business to Bass Pro, Cabela's plans to sell its credit card unit.
Bass Pro Shops hasn't said how many of the roughly 2,000 jobs based in Sidney will remain after the sales closes. Johnny Morris and his family own Bass Pro Shops; its headquarters is on East Kearney Street in Springfield.
"The final vote results will be filed on a Form 8-K with the Securities and Exchange Commission. The transaction is expected to close in the third quarter of 2017, subject to regulatory approvals and customary closing conditions," Cabelas' said in its news release.
“We are pleased that our combination with Bass Pro Shops has received the overwhelming support of Cabela’s shareholders,” Tommy Millner, Cabela’s chief executive officer, said in the news release. “Today’s results are an important milestone as we look forward to completing the merger and creating the premier retailer in outdoor sporting goods, with an unparalleled commitment to customer loyalty and satisfaction.”
The two companies sell hunting, fishing, camping, shooting sports, and related outdoor merchandise. Cabela's was founded in 1961. Bass Pro Shops was founded in the 1970s.
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