BREAKING NEWS: Bass Pro, Cabela’s Merger Moving Forward After Green Light from FTC
OutdoorHub Reporters 07.05.17
The merger of Bass Pro Shops and Cabela’s has received the green light from antitrust regulators.
Fox Business is reporting the Federal Trade Commission has informed Cabela’s it has concluded its investigation of Bass Pro’s $4.2 billion buyout and has given the deal the official go-ahead. Cabela’s shareholders will vote on the deal July 11.
The two outdoor based retail companies originally agreed to a deal worth around $5.5 billion, but the deal hit a snag after Capital One ran into regulatory hurdles over its plans to buy all of World’s Foremost Bank, a Cabela’s subsidiary.
Here’s text from the official news release:
On July 3, 2017, the Federal Trade Commission (“FTC”) notified Parent and the Company that it had closed its investigation of the proposed Merger. As a result, under the terms of the timing agreement that Parent previously entered into with the FTC, the commitment of Parent and the Company not to close the Merger has expired. The consummation of the Merger remains subject to other closing conditions, including (i) the approval of the Company’s stockholders at the Special Meeting of Stockholders of the Company to be held on July 11, 2017, (ii) the closing of the purchase and sale of substantially all of the business of World’s Foremost Bank, a Nebraska banking corporation and wholly owned subsidiary of the Company, pursuant to the Framework Agreement described in Item 1.01 of the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission (the “SEC”) on April 18, 2017 and (iii) other customary closing conditions.
