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>> 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.
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.
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.