Bass Pro takeover of Cabela’s could be back on track

Deal back on
Originally posted in Angling International

Bass Pro’s buy-out of rival retailer, Cabela’s, which appeared to be facing collapse earlier this year, could be back on track.

But the cost of the acquisition will be $500 million less under the terms of a new merger agreement.

The $5.5 billion deal was announced in February, but then ran into difficulty when Cabela’s had problems selling the internal banking operation for its credit card programme.

Cabela’s had reached agreement to dispose of it to Capital One, with the deal being announced on the same day as the acquisition. But that move stalled when it failed to get approval from the Federal Trade Commission, putting the overall merger in jeopardy.

However, Synovus Financial, the Georgia owner of 250 south-east branches, is now reportedly planning to buy the banking business before reselling to Capital One. If Cabela’s should fail to complete the new sale then the broader deal will remain at risk.

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