SIDNEY, Neb. — Bass Pro Shops has reached a deal to acquire outdoors retail competitor Cabela’s in a deal valued at $5.5 billion, the companies announced Monday.
Cabela’s shareholders will get $65.50 cash per share, a 19.2 percent premium over Friday’s closing price.
Shares of Cabela’s rose 14.7 percent to nearly $63 a share in pre-market trading Monday.
It’s uncertain if there will be job loses at Cabela’s home base in Sidney, Neb. Some operations will continue in Sidney and Lincoln, Neb., the companies said.
Cabela’s employs about 2,000 people in Sidney. It has stores in Thornton, Lone Tree and Grand Junction.
Bass Pro Shops CEO Johnny Morris will lead the newly combined entity and will retain majority ownership.
Bass Pro Shops has about 100 stores and about 20,000 employees. It has stores in Denver and Colorado Springs.
“The story of each of these companies could only have happened in America, made possible by our uniquely American free enterprise system,” Morris said in a statement. “We have enormous admiration for Cabela’s, its founders and outfitters, and its loyal base of customers.”