Bass Pro Shops hooks Cabela's acquisition

Cabela’s Incorporated on Monday announced it will be acquired by Bass Pro Shops after reaching an agreement with the outdoor retail giant for an approximate $5.5 billion transaction.

In the agreement, Bass Pro Shops will pay $65.50 per share in cash to Cabela’s shareholders.

Cabela’s corporate office in Sidney, Neb., did not return phone calls made by the Daily Inter Lake for comment.

A press release by Cabela’s does not definitively state that Cabela’s will retain its name or employees, but does note that Cabela’s CLUB credit cards will not be affected by the transaction.

“Today’s announcement marks an exceptional opportunity to bring together three special companies with an abiding love for the outdoors and a passion for serving sportsmen and sportswomen,” said Johnny Morris, founder and CEO of Bass Pro Shops. “The story of each of these companies could only have happened in America, made possible by our uniquely American free enterprise system. We have enormous admiration for Cabela’s, its founders and outfitters, and its loyal base of customers. We look forward to continuing to celebrate and grow the Cabela’s brand alongside Bass Pro Shops and White River as one unified outdoor family.”

“Cabela’s is pleased to have found the ideal partner in Bass Pro Shops,” said Tommy Millner, Cabela’s chief executive officer. “Having undertaken a thorough strategic review, during which we assessed a wide variety of options to maximize value, the Board unanimously concluded that this combination with Bass Pro Shops is the best path forward for Cabela’s, its shareholders, outfitters and customers.”