The Sidney Sun-Telegraph - Serving proudly since 1873 as the beautiful Nebraska Panhandle's first newspaper

 
 

By Don Ogle 

Cabela's enters into revised agreements in connection with Bass Pro Shops merger

Transaction expected to close in third quarter of 2017 subject to approvals and conditions

 


In a series of filings with the Security Exchange Commission (SEC) Monday and Tuesday, Cabela’s confirmed changes to the deal under which it will be acquired by Bass Pro Shops.

The changes are mostly linked to the sale of the World’s Foremost Bank credit card unit, which is being sold in separate transactions.

Capital One Financial Corporation originally made the successful bid for Cabela’s credit card unit, but Capital One troubles unrelated to the Cabela’s acquisition made the purchase directly from Cabela’s fall through.

In Tuesday’s filings, Cabela’s Incorporated announced that it has entered into agreements with subsidiaries of Synovus Financial Corp. and Capital One in connection with the sale of the assets and liabilities of Cabela’s wholly owned bank subsidiary, World’s Foremost Bank (the Bank).

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