Bass Pro Shops acquisition of Cabela’s received the go-ahead from antitrust regulators.
In a filing with the SEC, Cabela’s said Wednesday the Federal Trade Commission informed the company earlier this week that it concluded its investigation of Bass Pro’s $5.0 billion buyout. Cabela’s shareholders will vote on the deal July 11.
The transaction, which is expected to close during the third quarter, is also contingent on the successful sale of Cabela’s financial unit to Synovus Financial (SNV), a bank based in Georgia, and Capital One Financial (COF).
Bass Pro and Cabela’s initially agreed to a deal worth roughly $5.5 billion, or $65.50 a share. In April, Cabela’s agreed to change the terms to $61.50 a share after facing regulatory hurdles over its plans to buy all of World’s Foremost Bank, a Cabela’s subsidiary. Under the new plan, Capital One will buy Cabela’s credit card business. Synovus will acquire the assets and deposits of World’s Foremost Bank.
Photo courtesy Cabela’s
