Bass Pro Shops to acquire Cabela's

POST FALLS — The general manager of the Post Falls Cabela's said on Monday afternoon he's unaware of any major changes — other than the name change — as a result of Bass Pro Shops acquiring the outdoors retail giant.

Bill Stockstill said the only details of the purchase he was aware of were what he read online after the transaction was announced earlier in the day on Monday.

In a news release, Springfield, Mo.-based Bass Pro Shops said it plans to purchase Sidney, Neb.-based competitor Cabela's for about $5.5 billion.

The deal comes about 10 months after hedge fund Elliott Management urged Cabela's to consider selling or reorganize.

Privately-held Bass Pro Shops will pay $65.50 per share in cash for Cabela's.

Kristi Blaver, retail marketing manager for the Cabela's store near the state line that opened in 2007, said she didn't have any additional information to release, including any possible impacts to the local store as a result of the

purchase.

She directed an inquiry from The Press to the corporate news release.

Media representatives at the corporate offices of the companies did not return a message seeking comment.

Bass Pro Shops has 99 stores and 20,000 employees. Cabela's has 85 stores and 19,700 employees.

"The story of each of these companies could only have happened in America, made possibly by our uniquely American free enterprise system," Bass Pro Shops CEO Johnny Morris said in a statement. "We have enormous admiration for Cabela's, its founders and outfitters and its loyal base of customers."

Cabela's CEO Tommy Millner posted a letter online to credit card customers on Monday. Upon closing the transaction, he wrote, the company will begin a multi-year partnership with Capital One whereby Capital One will exclusively service the Cabela's CLUB Visa card.

Millner wrote that, after the transaction, there will be no change in how customers earn, save or use their points and their point balance will not change.

He also wrote that the company will continue to honor and offer Cabela's gift cards.

"We're really excited about joining forces with Bass Pro Shops to create the truly premier retailer in outdoor sporting goods," Millner wrote. "We will be able to provide you with access to more locations and the greatest selection of outdoor recreation equipment and apparel in North America."

The deal is expected to be finalized in the first half of 2017.

"Until closing, Cabela's and Bass Pro Shops will continue to operate as separate, independent companies, as they always have," Millner wrote.