With regulatory approval from the Federal Trade Commission and shareholder approval both occurring within a week of each other last month, it appeared Cabela’s sale to Bass Pro Shops was a foregone conclusion. But after another poor Cabela’s earnings report Thursday, there is some suggestion that the deal is anything but.
Gillian Tan, a Bloomberg columnist who covers merger deals, suggested the Federal Reserve might not move fast enough on a regulatory decision for the sale of Cabela’s World’s Foremost Bank. As part of the merger deal, the bank assets will be sold to Synovus Financial, which will keep the deposits and then sell the Cabela’s credit card portfolio to Capital One.
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