A bronze statue depicting a bear fighting off a pair of eagles is unveiled in front of the new Cabela’s store located in Ohio County near Wheeling, W.Va., Wednesday, Aug. 11, 2004.
SPRINGFIELD, MO and SIDNEY, NEB, — Bass Pro Shops landed a big fish Monday as the company announced it is buying Cabela’s Incorporated for approximately $5.5 billion.
The two iconic American outdoor companies have similar humble origins and a shared goal to better serve those who love the outdoors. The agreement calls for Bass Pro Shops to acquire Cabela’s for $65.50 per share in cash.
Cabela’s at The Highlands is the landmark retailer for the shopping center development since the store opened in 2004.
Ohio County Commissioner Randy Wharton said Monday he feels the merger will be a positive move for Cabela’s, still the major retail and tourist attraction at The Highlands. Wharton said Cabela’s owns the property at The Highlands and the highly successful distribution center has a longterm lease with the Ohio County Development Authority.
“I believe this will be a good thing for Cabela’s. One thing we always understood was just how important the distribution center is to the company’s strategic operation,” Wharton said.
Cabela’s also operates a store in Charleston, W.Va.
Upon finalizing the contract, Bass Pro Shops will begin a multi-year partnership agreement with Capital One, National Association, a wholly-owned national banking subsidiary of Capital One Financial Corporation, under which Capital One will originate and service the Cabela’s CLUB, Cabela’s co-branded credit card, and Bass Pro Shops will maintain a seamless integration between the credit card program and the combined companies’ retail operations and deep customer relationships.
“Cabela’s is pleased to have found the ideal partner in Bass Pro Shops,”said Tommy Millner, Cabela’s chief executive officer. “Having undertaken a thorough strategic review, during which we assessed a wide variety of options to maximize value, the Board unanimously concluded that this combination with Bass Pro Shops is the best path forward for Cabela’s, its shareholders, outfitters and customers. In addition to providing significant immediate value to our shareholders, this partnership provides a unique platform from which our brand will be extremely well positioned to continue to serve outdoor enthusiasts worldwide for generations to come.”
Founded in 1961 by Dick, Mary and Jim Cabela, Cabela’s is a highly respected marketer of hunting, fishing, camping, shooting sports and related outdoor merchandise. Today, Cabela’s has over 19,000 “outfitters”operating 85 specialty retail stores, primarily in the western U.S. and Canada. Cabela’s stores, catalog business and e-commerce operations will blend seamlessly with Bass Pro Shops and White River Marine Group. Over the past 55 years Cabela’s has built a passionate and loyal base of millions of enthusiasts who shop both at its retail stores and online.
All Cabela’s CLUB points and Bass Pro Shops Outdoor Rewards points will be unaffected by the transactions and customers can continue to use their credit cards as they were prior to the transaction. Capital One intends to continue to operate the Cabela’s CLUB servicing center in Lincoln, Nebraska.
Bass Pro Shops, founded in 1972 by avid young angler Johnny Morris, is a leading national retailer of outdoor gear and apparel, with 99 stores and Tracker Marine Centers located primarily in the eastern part of the U.S. and Canada.
The transaction agreements were unanimously approved by Cabela’s Board of Directors following a comprehensive review of strategic and financial alternatives.
The transaction, which is expected to close in the first half of 2017, will be completed through a cash merger and is subject to approval by Cabela’s shareholders, as well as regulatory approvals and other customary closing conditions.
(Heather Ziegler contributed to this story.)