After looking like its merger with Bass Pro Shops was doomed, Cabela’s (NYSE:CAB) just breathed new life into it by lowering the purchase price a half-billion dollars and getting Synovus Financial (NYSE:SNV) to buy its bank instead of Capital One Financial (NYSE:COF).

While the deal is still undergoing antitrust review, it suddenly appears to have legs once more. However, that doesn’t mean the $5 billion price tag isn’t still too high. Cabela’s business has weakened considerably since the merger was first announced, and it was already spiraling down then, so while the lower sticker price is better, Bass Pro may find out it’s still overpaid for its rival.

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