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Shareholders approve Cabelas sale to Bass Pro

Backed by that Cabela's CEO Tommy Milner calls "overwhelming support" the shareholders of Cabela's approved their proposed merger with Bass Pro Shops.

Cabela's (CAB) shareholders have approved selling the outdoor outfitter to rival Bass Pro Shops for roughly $4 billion.

Under the current terms, shareholders will receive $61.50/per share for the stock which has been trading in the $58.90-$59.94 range. After the merger, the companies will be based in Springfield, Missouri. Cabela's stock closed trading Tuesday at $59.97, up eight cents.

Cabela's CEO Tommy Millner says the shareholder vote is an encouraging milestone for the deal that was announced last October.

Company officials have said they expect the deal to close later this year, but banking regulators have yet to approve the sale of Cabela's credit card unit that is part of the transaction.

After the merger, the company will be based in Bass Pro's hometown of Springfield, Missouri. It's not yet clear how many of the roughly 2,000 jobs in Cabela's headquarters of Sidney, Nebraska will remain after the deal.

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