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.
Tue, Apr. 19, 10:57 AM
- Cabela's (CAB +5.8%) is on the move after Reuters reports things are heating up with a potential bid from Bass Pro Shops for the company.
- Sources indicate that Bass Pro Shops has partnered with Goldman Sachs' private equity arm on putting together a bid.
- Cabela's already trades with a bit of a takeover premium baked in.
- Now read Cabela's Should Consider Going Private
Thu, Mar. 24, 7:51 AM
- Cabela's (NYSE:CAB) is attracting takeover interest from rival Bass Pro Shops, and has opened its financial books to other potential suitors in the past two weeks, NY Post reports.
- Bass founder John Morris, who controls the closely-held company, has long wanted to buy his closest rival, according to the report.
- CAB last month started seeking buyers for its credit card business, which is responsible for ~30% of total sales, and expects to have those bids soon.
Dec. 22, 2015, 11:24 AM
- Telsey Advisory analyst Joesph Feldman thinks a merger between Dick's Sporting Goods (DKS -0.1%) and Cabela's (CAB -0.8%) would be highly accretive and beneficial to shareholders if financed correctly.
- Feldman notes the geographic mix of the two sporting goods retailers is complementary.
- Though Cabela's is undergoing a strategic review, there's been no official indication that Dick's is in the mix.
- Shares of Dick's and Cabela's have both trailed broad retail stock averages this year.
Nov. 23, 2015, 4:55 PM
- Cabela's (NYSE:CAB) is generating takeover interest at a share price in the $50s, but it may take a much higher number to satisfy certain longtime investors, Bloomberg reports.
- Even as CAB sales and profit growth have sputtered, shareholders such as London Co. of Virginia and the Matthew 25 Fund see a strong brand with long-term expansion prospects, as well as lucrative credit card business with nearly $5B in loans and real estate holdings worth ~$1B, the report says.
- Mark Mulholland, who runs Matthew 25, says he would refuse anything below $72 in the event of a takeover attempt for CAB, which would be a ~50% premium over today’s closing price of $46.50.
Nov. 19, 2015, 5:58 PM
- Cabela's (NYSE:CAB) +8.5% AH following a Bloomberg report that it is fielding potential takeover interest and weighing whether to begin a sales process, and that rival Bass Pro Shops is working with JPMorgan Chase to help explore a bid.
- CAB is working with its regular advisers at Guggenheim Partners, which is reaching out to a small group of potential P-E buyers and strategic acquirers, according to the report.
- The report also says several buyout firms have expressed interest in a deal that may value CAB’s in the mid- to high $50s.
Sep. 18, 2014, 1:30 PM
- Bass Pro Shops hires Moelis to help it explore financing options.
- Sources say a sale of a minority stake, likely to a P-E firm, would value the retailer in the billions.
- A capital-heavy Bass Pro could pose a threat to Cabela's (CAB -0.8%) and to a lesser extent Dick's Sporting Goods (DKS) if expansion is part of the plan.