Cabela’s Inc.’s annual shareholder meeting avoided any discussion of its pending merger with Bass Pro despite broad concerns in the region over potential job losses.
Members of the press were among those invited to the meeting, but the merger topic was not part of the agenda. Cabela’s Chief Executive Officer Tommy Millner said, according to the Sidney Sun Telegraph, “This year, due to the merger with Bass Pro Shops, the agenda is limited and there will be no question-and-answer portion.”
The Omaha World-Herald said the meeting was adjourned in less than 10 minutes.
The meeting marked the first time Cabela’s management addressed shareholders since the merger was announced in October.
Anxiety about job losses in the region is high, with local politicians stressing to Bass Pro the importance of jobs in the region. In Sidney, Cabela’s employs about 2,000 in a town of 6,800. Cabela’s also employs about 500 workers at its credit-card bank in Lincoln, NE.
At a meeting at Cabela’s headquarters about a week after the merger announcement, Bass Pro CEO Johnny Morris reassured Cabela’s employees that Bass Pro would retain a “significant” base of operations in Nebraska, but he also said he wouldn’t make “false promises” that all jobs are safe. The company is expected to seek synergies and reduce redundant jobs after the retailers combine. He told a group of employees, “There’s going to be change. There’s going to be some slimming down.”
The shareholders meeting, usually held in May or June, was delayed after a large portion of the company’s shares were purchased by an investment group, Elliot Associates. Following the investment group’s share purchase, Cabela’s announced its merger with outdoor retailer Bass Pro in early October.
On the agenda for the meeting was electing 10 directors to serve on the Cabela’s board of directors, ratify the appointment of its public accounting firm and an advisory vote on executive compensation.
