The Shareholders of Cabela’s gave the thumbs-up to the sale of the sporting goods retailer to its competitor Bass Pro Tuesday in a deal that will pay them $61.50 per share.
The sale price of the Nebraska-based chain was $4 billion. Bass Pro’s intent to acquire its rival was first announced back in October.
With a majority of the shareholders agreeing to the deal, the merger can now move forward.
“Today’s vote … brings us one step closer to finalizing our plans,” Jack Wlezien, Bass Pro’s director of communication said in an email to The Associated Press. “Other steps remain on our path to unite our two organizations and there are still many decisions to be made as we prepare to bring our companies together.
“While we do not have answers to every question today, we are committed to sharing additional information as it becomes available,” Wlezien added.
One of the last hurdles to sealing the deal is getting the banking regulators to approve the sale of Cabela’s credit card program. Company officials suspect that that will happen before the end of the year.
The Missouri-based Bass Pro has 99 existing locations in the U.S. and Canada. By acquiring Cabela’s, it will take on 82 more stores. It’s not clear at this point what locations, if any, will be closed down.
The consolidation of two major players in the outdoor-sporting world comes amid another big time merger, Camping World Holdings’ acquisition of Gander Mountain announced back in May.
The details of that deal are a bit different in that Gander Mountain had filed Chapter 11 bankruptcy. Camping World was able to scoop up the over-leveraged Gander Mt. for $38 million.
That purchase included all 162 retail locations, its corporate operations, its intellectual property rights, its e-commerce presence and its Overton’s boating subsidiary.
What all this means for gun sales is hard to say. Six months into 2017 and folks are already talking about the “Trump Slump,” the lack of urgency created in the firearms marketplace due to a GOP president. The days of fear buying are over, for the foreseeable future.
Will these corporate giants lower prices to attract buyers? Will they attempt to just ride the storm out and keep prices firm?
If you look on GunsAmerica, it’s clear that mom and pop shops have already begun slashing prices. There are some killer deals to be had! Now is the perfect time to buy that gun you’ve been waiting to purchase.