Bass Pro-Cabela's deal complete; HQ will be in Springfield, Missouri
27 September, 2017, 16:07
Privately-owned Bass Pro Shops closed a almost $5 billion deal Tuesday to acquire one of the company's biggest rivals - Nebraska-based Cabela's.
Cabela's shareholders are receiving $61.50 per share in the merger.
In 2015, Cabela announced that they were considering a sale after a 21% decline in stock price over that year and aimed to restructure the entire company to reduce expenses.
The Omaha World-Herald reports combined headquarters will be in Bass Pro's hometown of Springfield, Missouri. It's still unclear what will happen to Cabela's former headquarters in Sidney, Nebraska. Bass Pro CEO Johnny Morris says he's excited "to unite these iconic American brands to better serve loyal customers and fellow outdoor enthusiasts".
As part of the deal, Cabela's credit-card unit was sold to Synovus bank, which received $75 million to act as a middleman.
Both brands will be retained, though now customers can return items bought at both stores to either, in addition to using gift cards from either store at either location. Both companies went on to become industry leaders. Our goal is to continue developing and growing our brands to ensure we provide the same exceptional quality, service and value that customers have come to know and trust from Bass Pro Shops and Cabela's exclusive products.
The companies' names are not set to change because of the merger.
Bass Pro got its start in 1972 when Johnny Morris began selling high-quality fishing tackle in the back of his dad's liquor store in Springfield, Mo., where the store was located for 13 years.
Customers can exchange gift cards from either store for an equal amount, either at a store customer service or by calling Bass Pro Shops at 1-800-211-6440 or Cabela's at 1-800-237-4444.
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