Bass Pro Shops Completes Acquisition of Cabela’s
September 26 2017 - 2:25PM
Business Wire
Combined Company to Offer Enhanced Experiences
for Outdoor Enthusiasts with Complementary Product Offerings and
Geographic Footprints
Bass Pro Shops and Cabela’s Incorporated (NYSE:CAB), two iconic
American outdoor companies, today announced they have successfully
completed the transaction in which Bass Pro Shops acquired Cabela’s
for $61.50 per share in cash, representing an aggregate transaction
value of approximately $5.0 billion. As a result of the completion
of this transaction, Cabela’s common stock will no longer be listed
for trading on the New York Stock Exchange.
The completion of this transaction formally brings together
three of the nation's premier sporting brands: Bass Pro Shops, a
leader in fishing; Cabela’s, a leader in hunting; and White River
Marine Group, a leader in boating, which is part of Bass Pro Shops.
The combined company will now offer expanded product line and
geographic footprint, creating enhanced benefits for outdoor
enthusiasts.
The completion of this transaction marks a historic moment for
American outdoor enthusiasts. The combination brings together three
companies that share humble origins, an abiding love for the
outdoors and a passion for supporting conservation and serving
sportsmen and sportswomen.
“We look forward to growing and celebrating conservation as we
work to provide our combined customer base with enhanced product
offerings, unique outdoor experiences and unrivaled services,” said
Johnny Morris, founder and CEO of Bass Pro Shops.
In connection with the transaction, Synovus Bank, a wholly owned
subsidiary of Synovus Financial Corp. (NYSE: SNV) completed its
acquisition of certain assets and liabilities of World’s Foremost
Bank (“WFB”), a wholly owned subsidiary of Cabela’s Incorporated
for approximately $1.2 billion. Synovus also completed the sale of
WFB’s credit card assets and related liabilities to Capital One
Bank (USA), National Association (“Capital One”), a wholly owned
subsidiary of Capital One Financial Corporation (NYSE:COF). Capital
One will be the exclusive issuing partner of Cabela’s branded CLUB
Visa program pursuant to a 10-year program agreement.
Bass Pro Shops is a leading destination retailer offering
outdoor gear and apparel in an immersive setting. Founded in 1972
when avid young angler Johnny Morris began selling tackle out of
his father’s liquor store in Springfield, Missouri, today the
company consists of more than 100 retail and marine centers along
with world-class resort destinations like Big Cedar Lodge,
America’s Premier Wilderness Resort. White River Marine Group, also
founded by Morris, is the largest manufacturer of boats in the
world, offering an unsurpassed collection of industry-leading boat
brands including TRACKER®, SUN TRACKER®, NITRO®, TAHOE®, REGENCY®,
MAKO®, RANGER®, TRITON®, STRATOS® and ASCEND® among others.
Cabela’s dates back to 1961 when Dick, Mary and Jim Cabela began a
mail order service for outdoor products around their kitchen table
in Chappell, Nebraska and today operates 89 stores. Under the
conservation leadership of Johnny Morris, Bass Pro Shops is known
as a national leader in protecting habitat and introducing families
to the outdoors and has been named by Forbes as “one of America’s
Best Employers.”
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Media:Bass Pro Shops417-873-4567press@basspro.com
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