It appears that Bass Pro Shop’s final hurdle to acquire Cabela’s Inc. in a monumental merger of two of the most well-known hunting retailers has been cleared. The Federal Reserve approved the sale of Cabela’s World’s Foremost Bank, which will be sold to Synovus Financial, according to the 23-page order released by the Fed last week. This removes the final barrier and pushes the $4 billion sale of Cabela’s to Bass Pro Shops forward.
As goHUNT previously reported, the deal makes Cabela’s a private company like Bass Pro Shops, which is owned by John Morris. Morris will remain the majority shareholder of both businesses. Cabela’s shareholders already approved the deal and anti-trust regulators approved it in July. Now, with the Fed on board, the deal is expected to close before Oct. 3. Bass Pro Shops plans to use the Cabela’s name and keep many stores open; however, there will be layoffs of Cabela’s employees at the retailer’s headquarters in Sidney, Nebraska, the Lincoln Journal Star reports.
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