Bass Pro Shops Acquisition Of Cabela’s To Move Forward… At A Lower Price

What seemed at first a fairly easy deal from a regulatory standpoint (antitrustwise at least) became more difficult when it transpired that a party of the transaction, Capital One, would not obtain timely approval to acquire The World’s Foremost Bank (Cabela’s credit card operation).

This was important because acquiring deposits requires a license and all sort of complicated regulatory compliance, which Bass Pro did not want to take on. Hence, the presence of Capital One in the deal. The reason why timely approval was necessary is because the end date (the date at which parties could terminate the agreement) was October 3rd. So when it became obvious that Capital One could not do this (regulators can’t seem to trust Capital One’s anti money laundering practices), the deal participants had to scramble for a solution.

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