SIDNEY, NE— The landmark Bass Pro Shops acquisition of Cabela’s lumbers forward, as Cabela’s shareholders have set a July 11 date to vote on whether or not to sell to Johnny Morris and Co.
According to papers filed with the Securities and Exchange Commission (SEC), Cabela’s plans to hold a special stockholders meeting to approve the previously announced acquisition by Bass Pro Shops.
Bass Pro Shops’ initial bid of $5.5 billion at $65.50 per share, which made headlines in October of 2016, required restructuring. July’s vote will focus around a bid of $61.50 per share.
The price adjustment comes after SEC inquiries resulting in Cabela’s in-house credit business, known as World’s Foremost Bank, cutting a deal with Synovus Financial and Capital One. Capital One was set to solely acquire the more than $1 billion credit business; however, Synovus Financial stepped in when Capital One’s initial bid ran into trouble with regulators. Under the new terms, Synovus will acquire $1.2 billion in deposits from the World’s Foremost Bank, while Capital One will acquire the company’s credit card portfolio.
According to the Omaha World-Herald, Cabela’s employs 2,000 people in the 6,800-person town of Sidney. Bass Pro Shops says it intends to continue employing people in the Sidney area, but hasn’t stated how many positions may move to its headquarters in Springfield, Missouri.
Bass Pro Shops currently employs about 20,000 people worldwide, while Cabela’s would add another 19,000 employees to that figure.
The Cabela’s board of directors has unanimously recommended a vote “for” the sale. Both companies hope the deal to be completed by Q3 of 2017.
The vote will be held on July 11 at 8:00 a.m. CST. All stockholders of record of Cabela’s common stock are entitled to vote either in person or by proxy.