Update: Is the Bass Pro/Cabela’s Deal Falling Through?
OutdoorHub Reporters 01.31.17
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.
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