Newspaper article St Louis Post-Dispatch (MO)

Bass Pro Lowers Price for Cabela's under New Merger Terms

Newspaper article St Louis Post-Dispatch (MO)

Bass Pro Lowers Price for Cabela's under New Merger Terms

Article excerpt

Cabela's Inc. said Monday it has agreed to sell itself to Bass Pro Shops at a discount.

Bass Pro Shops, which is based in Springfield, Mo., will now buy Cabela's for about $5 billion. That's $500 million less than the deal announced in October.

The deal will combine Cabela's 85 stores, which have a stronger presence in the Northwest, with Bass Pro's roughly 100 locations that are concentrated in the Southeast.

The retailers, which overlap in Missouri, Kansas and Texas, each have a store in the St. Louis area.

Sidney, Neb.-based Cabela's also said it would sell its bank unit in a two-step deal as it seeks regulatory clearance for the transactions.

Synovus Financial Corp. will buy certain assets of Cabela's financial division and then resell the credit card portfolio within the unit to Capital One Financial Corp. …

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