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Corporate News Blog - Bass Pro and Cabela's Finally Merge to Become the Largest Premier Outdoor and Conservation Company in North America

LONDON, UK / ACCESSWIRE / September 28, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Cabela's Inc. (NYSE: CAB), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=CAB. Bass Pro Shops announced on September 25, 2017, that it had completed the acquisition of Cabela's. The merger of Bass Pro Shops and Cabela's brings together two iconic brands and leading players in the outdoor industry. The merged entity envisions the formation of one of the leading premier outdoor and conservation Company in North America. For immediate access to our complimentary reports, including today's coverage, register for free now at:


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Details of the merger transaction

Bass Pro Shops paid Cabela's shareholders $61.50 in cash for each Cabela's share that they held. The purchase price values the transaction at approximately $5 billion. As the merger transaction is complete, Cabela's shares will not be listed for trading on the New York Stock Exchange (NYSE). The merger brings together three premier sporting brands: Bass Pro Shops, a leader in fishing, Cabela's, a leader in hunting and White River Marine Group, a leader in boating, which is part of Bass Pro Shops, all under one umbrella. The merged Company will have an enviable product portfolio and a wider geographical reach which will greatly benefit outdoor enthusiasts.

In a parallel but separate transaction, as a direct result of the merger, Synovus Bank, a wholly owned subsidiary of Synovus Financial Corp. (NYSE:SNV) has acquired assets and liabilities of Cabela's wholly owned subsidiary World's Foremost Bank (WFB) for approximately $1.2 billion. Synovus has already sold the credit card assets and related liabilities of WFB to Capital One Bank (USA), National Association (Capital One), a wholly owned subsidiary of Capital One Financial Corporation (NYSE:COF). Going forward Capital One will be the exclusive issuing partner for Cabela's CLUB Visa program under a separate 10-year agreement.

Commenting on the occasion, Johnny Morris, noted conservationist and Founder and CEO of Bass Pro Shops, said:

"We are excited to unite these iconic American brands to better serve our loyal customers and fellow outdoor enthusiasts. As we move forward, we are committed to retaining everything customers love about both Bass Pro Shops and Cabela's by creating a ‘best-of-the-best' experience that includes the superior products, outstanding customer service, and exceptional value our customers have come to expect."


Bass Pro had first announced the merger agreement with Cabela's in October 2016 and had offered to pay $65.50 in cash for each Cabela's share. In April 2017, Cabela's announced the divestment of the assets and liabilities of its wholly owned bank subsidiary, World's Foremost Bank to subsidiaries of Synovus and Capital One. Bass Pro and Cabela's merger agreement was also amended wherein Bass Pro made a revised offer of $61.50 in cash for each Cabela's share. In May 2017, the Canadian Competition Bureau approved the merger between Bass Pro and Cabela's, which was followed by the approval of the Federal Trade Commission in July 2017. Cabela's shareholders also voted in favor of the deal in July 2017, clearing the path for both companies to complete the merger agreement.

The merger brings together two highly complementary businesses with similar passion to serve outdoor enthusiasts and support conservation. While Cabela's is a leader in hunting, Bass Pro is a leader in fishing. Both Companies are also actively involved in and support conservation efforts.

About Bass Pro Shops

Johnny Morris founded Bass Pro Shops in 1972 in Springfield, Missouri. The privately held Company has grown into leading national retailer of outdoor gear and apparel has more than 100 retail and marine center locations across North America plus world-class resort destinations like Big Cedar Lodge, America's Premier Wilderness Resort, White River Marine Group the largest manufacturer of boats in the world. The White River Marine Group offers a comprehensive range of broad brands like TRACKER®, SUN TRACKER®, NITRO®, TAHOE®, REGENCY®, MAKO®, RANGER®, TRITON®, STRATOS®, ASCEND® etc.

Bass Pro's at the Pyramid located on the banks of the Mississippi River is the largest, most dynamic retail destination. The 52-million-cubic-foot facility houses the Big Cypress Lodge. Bass Pro recently opened Wonders of Wildlife National Museum and Aquarium located next to Bass Pro Shops National Headquarters in Springfield, Missouri. The Wonders of Wildlife is a 350,000 square-foot complex and has 35,000 live fish, mammals, reptiles, amphibians, and birds and is the largest and most immersive fish and wildlife attraction in the world.

About Cabela's

Dick, Mary, and Jim Cabela founded Cabela's in 1961 in Chappell, Nebraska as a mail order service for outdoor products for hunting, fishing, camping, shooting sports, and related outdoor merchandise. At present, the Company is a leading specialty retailer, and the world's largest direct marketer of hunting, fishing, camping, and related outdoor merchandise with 89 stores. The Company also has several destination retail stores across the country that range in size from 35,000 square feet to 247,000 square feet. These destination stores provide tourist and entertainment shopping experiences for the entire family and are major tourist attractions.

Last Close Stock Review

On Monday, September 25, 2017, the stock closed the trading session flat at $61.50, with an average volume of 1.31 million shares. Cabela's stock price soared 6.75% in the last three months, 33.00% in the past six months, and 18.52% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 5.04%. The stock is trading at a PE ratio of 31.87. At Wednesday's closing price, the stock's net capitalization stands at $4.24 billion.

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