Bass Pro Shops to acquire Cabela’s

A Bass Pro Shops store in Orlando, Fla. The company announced Monday it will acquire competitor Cabela's Inc. Photo by Miosotis Jade/Wikimedia

SPRINGFIELD, Mo., Oct. 3 (UPI) — Outdoor store chain Bass Pro Shops announced it will acquire competitor Cabela’s for $5.5 billion.

The legendary retail competitors will merge under the Bass Pro Shops name, and the company will be taken private, Bass Pro Shops said in a statement Monday.

Bass Pro Shops, a privately held company, will pay $65.50 per share in cash for Cabela’s, a premium of 19.2 percent over Friday’s closing price. Cabela’s shares rose 14.7 percent to $62.99 in pre-market trading Monday.

The stores are popular with hunting and fishing enthusiasts in the United States. Bass Pro Shops has about 99 stores and Cabela’s has about 85 stores. The statement did not indicate if any stores would close in the acquisition.

Bass Pro Shops is a retail industry leader in fishing equipment, and its subsidiary, White River Marine Group, is prominent in boating supplies; Cabela’s major strength is in hunting supplies.

The two companies said the deal is expected to close in the first half of 2017.

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