FIRST AIRED: October 3, 2016

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00:00:01
>> Hunting and fishing staple Cabela's to be bought by rival retailer Bass Pro Shops for $5.5 billion, the company said Monday. The move comes amid a gun buying frenzy, as uncertainty swirls over America's gun laws. Late founder Dick Cabela launched his namesake business in 1961 by selling fishing flies from his Nebraska kitchen.
00:00:23
The retailer has been struggling with declining sales of apparel and footwear following his death in 2014. Exploring a sale at the urging of activist hedge fund Elliott Associates, a top shareholder. The deal, at 65.50 a share, represents a 19% premium to Cabela's Friday closing price. Bass Pro Shops is mostly owned by Johnny Morris, who founded the outdoor chain in his dad's Missouri liquor store 45 years ago.
00:00:48
Morris will continue as CEO of the company. Cabela's credit card business will be sold to Capital One, which will form a 10 year partnership will Bass Pro Shops to issue credit cards to Cabela's customers. The combined company will own 184 stores in the US and Canada.