(Neb)-Federal Reserve Ok's Last Part Of Cabela's Sale
SIDNEY, Neb. (AP) - The Federal Reserve has approved the sale of Cabela's banking and credit card unit to the Georgia-based bank Synovus, clearing the way for the roughly $5-billion dollar sale of Cabela's to rival Bass Pro Shops to close before its October 3rd deadline.
The initial Cabela's-Bass Pro deal called for Capital One to buy the credit card-banking operation, but that portion ran afoul of regulators. The plan just approved allows Synovus to sell the credit card business to Capital One but keep the $1.2-billion in banking deposits.
The price of the overall Cabela's deal was lowered in the spring because of sluggish sales and a drop in Cabela's stock price and now calls for Bass Pro to pay $61.50 per share. Shareholders and the Federal Trade Commission already signed off on the deal.
Bass Pro Shops is based in Springfield, Missouri, which will remain its headquarters. It’s not clear how many of the roughly 2,000 Cabela's headquarters jobs based in Sidney will remain afterward.
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