SIDNEY, Neb. (AP) — Bass Pro Shops acquisition of rival outdoor gear retailer Cabela’s looks a bit more likely with a cheaper price and new terms of the credit card unit’s sale.
Cabela’s said Monday that Bass Pro will pay $61.50 per share, or $4.2 billion, for the company, down from $65.50 per share, or $4.5 billion. The company declined to say why the price was cut.
Cabela’s also says Georgia bank Synovus will now buy the credit-card unit as a middleman. Synovus will keep its $1.2 billion in deposits before reselling it to the original purchaser Capital One. The terms of that transaction weren’t detailed Monday.
Capital One had said that banking regulators questioned the deal because of an unrelated issue.
Cabela’s CEO Tommy Millner says the changes make the deal more certain.