Economy

Cabela's, Bass Pro Shops Merger Get FTC Approval

Cabela's, Bass Pro Shops Merger Get FTC Approval”

Bristol, Tennessee's Pinnacle development has a Bass Pro Shop, and Bristol, Virginia's Falls has a Cabela's. Cabela's time as an independent company is nearer the end with an ok this week by antitrust regulators of a buyout offer from Bass Pro Shops.

On July 3, 2017, the Federal Trade Commission ("FTC") notified Parent and the Company that it had closed its investigation of the proposed Merger.

Stifel Nicholas analyst Jim Duffy said gaining FTC approval makes it much more likely that the merger of the two outdoor gear selling rivals will be completed.

The deal will have and Bass Pro Shops buying Cabela's for $4.2 billion, or $61.50 per share.

The two companies announced their intention to merge in October, with Bass Pro Shops aiming to buy Cabela's for $5.5 billion, creating an outdoors gear chain with almost 200 locations across the United States. It is planning to sell the business to Synovus Financial Corp.

Capital One will buy Cabela's credit card business while Synovus will acquire the assets and deposits of World's Foremost Bank.

The merger deal is expected to close in the third quarter.

Late previous year, banking regulators had questioned the sale to Capital One because of an unrelated issue with that bank. It's not clear how numerous roughly 2,000 jobs based in Cabela's hometown of Sidney, Nebraska, will remain afterward. It announced plans in 2013 for a store at the Ingleside tract off Highway 78 in North Charleston.



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