Cabela's, Bass Pro deal inches closer to completion

Bass Pro Shops's acquisition on rival Cabela's has passed another hurdle.



Cabela's shareholders voted to approve the sale of the hunting and outdoor retailer to Bass Pro, the company announced Tuesday. Cabela's agreed in April to be bought by Bass Pro Shops for $61.50 a share, down from the original purchase price of $65.50 a share, valuing the acquisition at $4.2 billion. The transaction is expected to close in the third quarter of 2017.



"We are pleased that our combination with Bass Pro Shops has received the overwhelming support of Cabela’s shareholders,” said Tommy Millner, CEO, Cabela’s. “Today’s results are an important milestone as we look forward to completing the merger and creating the premier retailer in outdoor sporting goods, with an unparalleled commitment to customer loyalty and satisfaction.”



Last week, the Federal Trade Commission approved the sale. However, the completion of the deal is still contingent on the sale of Cabela's financial arm, World's Foremost Bank. Cabela's plans to sell the bank's assets to Synovus Financial, which plans to keep the deposits and sell the credit card assets to Capital One.