- Sequoia Capital says it exited its position in Cabela's (CAB -0.9%) during Q2 due to the limited appeal of the current share price if a buyout fails to occur.
- "This is a management team that has struggled with the basics of retailing: the stores are expensive to build and operate and the merchandise, while compelling, is not competitively priced," notes Sequoia in its update.
- Cabela's trades close to its 52-week high with a takeover premium very firmly in play.
- Sequoia Capital letter to shareholders (.pdf)