"Bass Pro Shops struck a deal to acquire Cabela’s Inc. for about $4.5 billion in cash, combining two of the biggest sellers of outdoor-sports gear in the latest shift in a rapidly changing sporting goods industry.
The merger would create a national chain with more than 180 locations and roughly 40,000 workers. The combined company would control more than 20% of the $50 billion U.S. hunting, camping, and fishing market, according to Stifel analyst Jim Duffy.
Both chains are famous for mega-sized stores filled with hunting and fishing supplies. Closely held Bass Pro Shops has opened most of its locations in the eastern half of the country since its founding in the 1970s, while Cabela’s, which had revenue of $4 billion last year, has focused on the western half. Both are competing with giants like Wal-Mart Stores Inc. as well as the shift to online shopping.
The acquisition follows lengthy cost-cutting and restructuring initiatives at Cabela’s, which had struggled in recent years with lagging same-store sales, and had been under pressure from activist investor Elliott Management Corp. The Sidney, Neb.-based retailer said in December that it was reviewing strategic options, including a possible sale."
WSJ - Bass Pro Shops to acquire Cabela's
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