More news is circulating around the deal between Cabela’s and Bass Pro Shops.

Apparently, Capital One is expecting to withdraw its application to take over the Cabela’s credit card operation.

The bank isn’t expecting to receive regulatory approval for the proposed deal before October 3, which is a significant date for the merger of the two outdoor brands – October 3 is the date on which either any party involved in the deal can back out.

Cabela’s agreed to be acquired by Bass Pro Shops in October in a $4.5 billion deal. Included in that deal, was the agreement for Capital One to pay somewhere around $200 million to take control of the Cabela’s credit card operation, World’s Foremost Bank.

According to the Lincoln Journal Star, Fairbank said in the aforementioned conference call that the bank still has some hurdles of its own to clear, such as an existing OCC consent order it agreed to as part of an anti-money laundering settlement in 2015. This will have to be resolved before the OCC will grant the takeover of World’s Foremost Bank, the Lincoln Journal Star reports.

It sounds like things are still moving along as planned as far as the merger between Cabela’s and Bass Pro Shops, this is just another knot in the line tying the deal together.

 

 

Image courtesy Flickr

  • William Young

    I think this merger is a very bad idea. Bass pro has a completely different idea of store operation than Cabelas. Most of the clothing and equipment at Bass Pro is geared for a cheaper market and all of their store brand (Redhead) gear and clothing is junk. The people that work at Bass Pro are generally shelf stockers and usually have little if any product knowledge. I (and most of the people I know that are hunters and gun people) do not go there just for that reason. Must of their name brand merchandise is overpriced
    As for the Cabelas store near me, The Cabelas line of product is usually top rate if even a bit expensive. They have a large inventory of anything you may need. The store people and knowledgeable and helpful but may be a bit hard to find at times due to the large number of customers in the store all the time. Another point on the personnel that work in the store. I know some and they have been there since the store opened. Very little turnover in staff and they know their shit when you talk to them. As a consumer I am very afraid that Bass Pro taking over Cabelas will ruin the Cabelas “brand” as they will make the culture of the stores more like that Bass pro stores.
    I had a friend that sold boats at our local Bass Pro shop some years back and he was paid on commission on the boats and atvs he sold. He made a good living and was happy there. One day about 10 years ago the company pulled their commissions and made them hourly employees paying them the same wages they were paying the shelf stockers. He left because they basically cut his income by more than half. I wish the management at Cabelas would realize that selling to Bass Pro will ruin the Cabelas name. That being said, I assume the founders and key management of Cabelas want to get out and retire by making the sale and taking their profits from the sale. The sale will also cost Nebraskans 1000’s of jobs because Bass Pro would shut down the business offices and distribution centers located there. I live in the Omaha are and there a rumors that Bass Pro plans to close the Cabelas store in LaVista,NE and the Bass Pro shop in Council Bluffs, Iowa.