Wed, Nov. 30, 9:04 AM
- Cabela’s (NYSE:CAB) refiles its Hart-Scott-Rodino Act Notification with the FTC and DOJ for its merger with Bass Pro Shops.
- The action extends the waiting period until December 29 for the deal particulars to be reviewed and worked out with the regulators.
- Shares of Cabela's closed at $62.54 yesterday vs. the $65.50 Bass bid.
Tue, Nov. 29, 4:43 PM
- Cabela's (NYSE:CAB) clawed back to breakeven after plunging early following a NY Post report that the FTC is seeking additional information from Bass Pro Shops on its proposed $5.5B merger with CAB.
- Under FTC rules, the agency would have needed to notify both companies this week if it was set to approve the deal following an initial review.
- The report says the new request likely would delay the deal for several more months.
Tue, Nov. 29, 5:28 AM
- The FBI said a record-setting number of gun background checks were processed this Black Friday, a possible indicator of higher firearm sales.
- The National Instant Criminal Background Check System processed 185,713 transactions, giving the gun industry a much-needed boost.
- After a run-up in sales the week before the election, major gun manufacturers saw their stocks dive by double-digits.
- Related tickers: SWHC, RGR, CAB, SPWH, VSTO, OLN
Sat, Nov. 26, 9:11 AM
- It's no surprise that Republican administrations in general are seen as more friendly towards mergers than Democrats, and since the election, arbitrage spreads (the difference between a target's deal price and its current price) have tightened to the 8-9% range from 11%.
- However, on an annualized basis, there are still plenty of deals out there offering double-digit returns.
- Source: Vito Racanelli in Barron's
- Merger-arb shop WallachBeth Capital is fan of Harman International Industries (NYSE:HAR), which earlier this month drew a cash bid from Samsung for $112 per share vs. its close Friday of $109.74. Another pick is B/E Aerospace (NASDAQ:BEAV) which closed at $59.79 and has a cash and stock deal in hand from Rockwell Collins (NYSE:COL) for $62 per share.
- Lutetia Capital likes Cabela's (NYSE:CAB), which closed the week at $62.50 vs. Bass Pro Shops' $65.50 bid.
- The Merger Fund's Roy Behren is confident Qualcomm's (NASDAQ:QCOM) bid for NXP Semiconductors (NASDAQ:NXPI) will pass regulatory muster. NXP's close yesterday of $99.51 is a full 10.5% below the $110 cash offer. If the deal closes in nine months, it's an annualized return of 12.6%.
- Another deal with maybe overblown antitrust concerns is Danone/WhiteWave Foods (NYSE:WWAV). The spread is just 2%, but a close early next year would mean an annualized return over 10%.
- Seeking Alpha contributor Chris DeMuth stays on top of merger arb spreads with his M&A Daily.
Mon, Nov. 21, 3:35 PM
- Elevation LLC analyst Ira Gorsky thinks antitust concerns on Cabela's (CAB +0.6%) are overdone.
- The research firm thinks there is even a "decent" chance that the deal closes without a second Hart-Scott-Rodino request.
- Cabela's trades at $61.98 vs. the $65.50 buyout price offered up by Bass Pro Shops.
- Source: Bloomberg
Wed, Oct. 26, 9:09 AM
- Cabela's (NYSE:CAB) reports an increase in promotions during Q3 led to a drop in margin rates.
- Comparable sales were down 2.3% overall and fell 1.8% in the U.S. Soft apparel sales offset strong demand for firearms.
- Internet and catalog sales were only up 3.6% during the period.
- The company's earnings report was the first since it agreed to be acquired by Bass Pro Shops.
- Previously: Cabela's misses by $0.28, misses on revenue (Oct. 26)
- CAB -1.01% premarket to $62.00.
Wed, Oct. 26, 6:36 AM
- Cabela's (NYSE:CAB): Q3 EPS of $0.53 misses by $0.28.
- Revenue of $996.5M (+7.6% Y/Y) misses by $23.5M.
- Shares -2.6% PM.
Mon, Oct. 3, 12:45 PM
Mon, Oct. 3, 9:22 AM
Mon, Oct. 3, 8:31 AM
- Bass Pro Shops acquires Cabela's (NYSE:CAB) for $65.50 per share.
- The $5.5B deal is expected to close in the first half of 2017.
- Bass Pro Shops Founder and CEO Johnny Morris will continue as CEO and majority shareholder of the new entity.
- Previously: Reuters: Two groups to bid for Cabela's this week (Sept. 29)
- Previously: Cabela's on the move as investor group steps in front (Oct. 3)
- CAB +14.69% premarket to $63.00.
Mon, Oct. 3, 7:49 AM
- A consortium of investors has emerged as the leading bidder for Cabela's (NYSE:CAB), sources tell Reuters.
- The group includes Bass Pro Shops, the PE arm of Goldman Sachs (NYSE:GS), and Capital One Financial (NYSE:COF).
- Speculation on a Cabela's buyout has gone on for almost a year after the company opened itself up to considering strategic alternatives.
- CAB +5.59% premarket to $58.00. Shares of the retailer are up 24.5% over the last 52 weeks.
Thu, Sep. 29, 4:19 PM
- Privately-held Bass Pro Shops is partnering with the private-equity arm of Goldman Sachs (NYSE:GS), and they're working on a bid with Capital One (NYSE:COF), which is interested in Cabela's (NYSE:CAB) credit card business, according to Reuters' sources.
- Then there's P-E outfit Sycamore Partners which is pairing with Synchrony Financial (NYSE:SYF) to make an offer.
- Binding bids are due this week.
- Cabela's credit card business is called World's Foremost Bank, and it had nearly 2M accounts, $5B in loans, and $502M in revenue last year.
- Cabela's closed the session higher by 2.3%, with all of that gain coming in the last few minutes as this report hit the wires.
Mon, Aug. 29, 3:48 PM
- Shares of Cabela's (CAB -0.1%) have broken higher from their session low amid some chatter that the company is now in talks with a PE consortium.
- Last month, reports indicated that Bass Pro Shops was on the verge of a deal to buy out Cabela's.
- Cabela's trades about 10% below its high from earlier in the summer.
- Previously: Bass Pro Shops seen reeling in Cabela's (July 14)
Fri, Aug. 5, 3:44 AM
- The latest figures from the FBI show that July 2016 was the 15th consecutive month of record background checks for gun sales.
- The previous July record was set in 2015, when there were 1,600,832 checks, but last month there were 2,197,169.
- Each person may buy multiple firearms once passing a background check, so the amount of guns sold at retail may be even higher than then number of background checks performed.
- Related tickers: SWHC, RGR, CAB, VSTO
Thu, Jul. 28, 11:00 AM
- Cabela's (NYSE:CAB) is lower after same-store sales came in at 1.5%, below the 1.9% pace expected by analysts. Strong demand for firearms helped push same-store sales into positive territory for the first time in several years.
- Merchandise gross margin fell 290 bps to 32.9%.
- The company didn't issue any details on the strategic review underway.
- Shares of Cabela's are down 3.73% to cut into the gains piled up over the last month.
- Previously: Cabela's misses by $0.02, beats on revenue (July 28)
Thu, Jul. 28, 6:32 AM