Cabela's revises deal with Bass Pro

Bass Pro Shops has lowered its bid for Cabela’s.



Under the amended merger agreement, Bass Pro will acquire Cabela’s for $61.50 per share in cash for a total deal value of approximately $5.0 bil-lion. On October 3, 2016, Bass Pro has agreed to pay $65.50 per share in cash for Cabela’s in a deal valued at $5.5 billion.



“We’re excited to announce this agreement, which allows us to look ahead with greater certainty toward the completion of our merger with Bass Pro Shops and offers a positive step forward for all parties,” said Tommy Millner, CEO, Cabela’s.



The merger remains subject to approval by Cabela’s shareholders, as well as antitrust clearance and other customary closing conditions



Cabela’s also said in a it has entered into an agreement with Synovus Fi-nancial Corp., Columbus, Georgia, to take over $1.2 billion in assets of its World's Foremost Bank subsidiary. Following completion of the deal, Cabela's will sell its credit card assets to Capital One, which will continue to operate the Cabela's Club credit card program and the card servicing center in Lincoln.



The sale of the bank must be approved by regulators.