Bass Pro and Cabela's combine

The deal marries Cabela's 19,000 employees with Bass Pro Shop's 20,000, and adds 85 Cabela's stores to Bass Pro Shops' 99. Morris, who founded Bass Pro Shops in 1972, will continue as CEO of the combined company and hold onto his majority ownership.

As part of the deal, Capital One Financial is acquiring Cabela's credit card business for an undisclosed amount.

Cabela's had announced on December 1 that it would explore a sale amid pressure from activist hedge fund Elliott Management Corp., which said the shares were undervalued.

The transaction will bring together Cabela's, Bass Pro Shops and Bass-Pro owned boating company White River Marine Group. The fund argued in the filing that there were "multiple pathways" to unlock shareholder value at Cabela's because there was a "robust environment" for private equity investment in retail companies and "potential strategic interest" for the hunting and camping supplies retailer. The nearest Cabela's is in Hamburg, Berks County.

Both Bass Pro and Cabela's have a big presence in this region.

Johnny Morris, Bass Pro founder and CEO, will hold a majority stake in the new entity and will lead it. Cabela's is now a public company, traded on the New York Stock Exchange, but the combined company would be private, as is Bass Pro.

Like Bass Pro Shops, Cabela's is a popular brand among outdoor enthusiasts and attracts fiercely loyal customers. The company has more than 19,000 employees, also known as "outfitters", operating at 85 locations primarily in the western US and Canada.

The offer of $65.50 per share is a 19.2 percent premium to Cabela's close on Friday.

The deal likely would include the retailer's lucrative credit-card operation, which issues the Cabela's Club card.

The two outdoor giants share similar histories, with Cabela's being founded in 1961 by Dick, Mary and Jim Cabela.

The number of purchases at Cabela's stores fell 8.1 percent during that period, reflecting a drop-off in foot traffic as customers bought less clothing and footwear from the retailer, although hunting sales increased and average revenue per transaction rose 8.2 percent.

Sales at Cabela's locations open at least a year were down 1.3% during the first half of 2016.

Morris also introduced the Bass Tracker fishing boat in 1978 that was designed specifically for fishermen.

Related News:

  • Forecasters keep eye on Hurricane Matthew's track

    Forecasters keep eye on Hurricane Matthew's track

    Pat McCrory also declared a state of emergency for 66 counties in his state in anticipation of Matthew striking Thursday night. By nightfall, at least 11 deaths had been blamed on the powerful storm during its week-long march across the Caribbean.

    Presidential Polls: Here's the latest numbers for Donald Trump vs. Hillary Clinton

    Clinton is 11 percentage points ahead of Trump, according to an NBC News/Wall Street Journal poll out Sunday. Poll conducted 4,211 interviews w/registered voters online in Nevada , Utah , and the battleground states.
    3-Alarm Fire at Hampton Beach Casino Ballroom Building

    3-Alarm Fire at Hampton Beach Casino Ballroom Building

    Firefighters said the building was unoccupied at the time, as most of the seasonal businesses were closed for the winter season. HAMPTON- Crews are fighting a three-alarm fire at 169 Ocean Blvd. that broke out Wednesday morning, fire officials said.
  • Paris Jackson Visits Neverland Ranch

    Paris Jackson Visits Neverland Ranch

    Prince posted a picture of a sonnet he had penned in memory of his father, whilst Paris reposted it to share her thoughts. The tattooed beauty made the trip with her boyfriend Michael Snoddy , after the two enjoyed a romantic vacation together.
    Monica Lewinsky Says She Is Voting for Hillary Clinton

    Monica Lewinsky Says She Is Voting for Hillary Clinton

    Hillary Clinton was selected by a judge to defend the man, who eventually pleaded to a lesser charge. Per Bustle , the media mogul, 70, interjected 18 times when Clinton, 68, tried to speak.
    NWA Mumps Outbreak Nears 500 Cases; ADH Offers Free MMR Vaccine Clinic

    NWA Mumps Outbreak Nears 500 Cases; ADH Offers Free MMR Vaccine Clinic

    The MMR vaccine is reportedly expected to be 88 percent effective when it comes to preventing mumps infection. In response to this outbreak, ADH is offering MMR clinics in the northwest Arkansas community and schools.
  • Change your Mafia 3 clothes very soon

    Change your Mafia 3 clothes very soon

    The game's protagonist, Lincoln Clay, is tasked with stealing several vehicles for Thomas Burke, a figure in the Irish mob. Unionist politicians such as DUP MP Jeffrey Donaldson have expressed concern over the depiction of the violence.
    Damon Gupton joins cast of 'Criminal Minds'

    Damon Gupton joins cast of 'Criminal Minds'

    LOS ANGELES (AP) — Damon Gupton has joined the cast of "Criminal Minds" after Thomas Gibson was sacked last month. Gupton's television credits include starring roles in The Player , The Divide, Prime Suspect and Deadline .

    Donald Trump Rally in Wilkes-Barre, Pennsylvania: The Photos You Need to See

    In the 2005 recording released Friday, Trump is heard saying he can grab, kiss and "do anything" with women because he is famous. A new NBC News/Wall Street Journal poll released Tuesday shows that Trump is lagging behind Clinton, 46 percent to 35 percent.
  • WikiLeaks' Assange promises docs on Google, arms, oil, 9/11

    WikiLeaks' Assange promises docs on Google, arms, oil, 9/11

    Some will come this week and are " significant in relation to the upcoming USA election", Assange said. Assange has been in the Ecuadorian Embassy in London since 2012 to avoid extradition to Sweden.
    Ford Motor Company Declares Dividend for Fourth Quarter 2016

    Ford Motor Company Declares Dividend for Fourth Quarter 2016

    For the next twelve months, the average of individual price target estimates submitted by covering sell-side analyst is $52.94. Stock exchanged hands with the total volume of 5.19 Million shares, as contrast to its average volume of 3.62 Million shares.
    Battlefield 1 early access unlock times: EA Access and Early Enlisters Edition

    Battlefield 1 early access unlock times: EA Access and Early Enlisters Edition

    People who buy the $80 Early Enlister Edition can jump in on October 18, while everyone can start playing a few days later. So it's advisable that pre-order customers download as early as possible to ensure they're not waiting come release day.


Most liked

Wikileaks founder Julian Assange vows big reveal before US Election Day
Assange spoke to the conference through a video link from the Embassy of Ecuador in London, where he has sought refuge since 2012. While most of America was sound asleep, WikiLeaks founder Julian Assange had scheduled a major news conference for 3 a.m.

Early voting begins in Indiana
Because it's so big this year, the postage to mail each ballot is 67 cents, according to Vu. Voter Guide : Review the candidates and print out ballot selections .

First National Financial Corp (FN) Price Target Cut to C$27.00
Trust Co Of Oklahoma reduced its stake in Capital One Financial Corp.by 0.72% during the most recent quarter end. EPS growth in next year is estimated to reach 2.35% while EPS growth estimate for this year is set at -8.80%.

Tim Tebow Hits Home Run in First Pro at Bat
Playing against the Cardinals' team in the instructional league, Tebow drove the ball over the wall in left-center. He had not played organized baseball since his junior year of high school in 2005, in Florida.