Bass Pro Shops Announces Cabela’s Takeover
SPRINGFIELD, Mo. (KFSM) — The outdoor giant Bass Pro Shops will soon be taking over the Cabela’s Sporting Goods chain.
Bass Pro Shops and Cabela’s Incorporated announced on Tuesday (Oct. 3) they have entered into an agreement in which Bass Pro Shops will acquire Cabela’s for about $5.5 billion.
Bass Pro Shops will be paying $65.50 in cash per share of Cabela’s stock, as part of the agreement.
Both the Bass Pro and Cabela’s customer loyalty programs, Cabela’s CLUB points and Bass Pro Shops Outdoor Rewards points, will remain unchanged for the time being, according to the company statement. In the future, the company could look into a combined rewards program.
Additionally, Bass Pro Shops has entered into a multi-year agreement with Capital One to keep open the Cabela’s Club credit card line. Capital One will take over running the credit card line.
Bass Pro Shops CEO Johnny Morris, who founded the company in 1972, said the company is looking forward to growing the Cabela’s brand alongside their own.