Outdoor giant Bass Pro to acquire rival Cabela’s for $4.5B

FILE - In this Wednesday, Feb. 17, 2016, file photo, statues of wildlife adorn the entrance to a Cabela's store in LaVista, Neb. Outdoor gear giants Bass Pro and Cabela's will combine in a $4.5 billion deal announced Monday, Oct. 3, 2016. (AP Photo/Nati Harnik, File) FILE - In this Wednesday, Feb. 17, 2016, file photo, statues of wildlife adorn the entrance to a Cabela's store in LaVista, Neb. Outdoor gear giants Bass Pro and Cabela's will combine in a $4.5 billion deal announced Monday, Oct. 3, 2016. (AP Photo/Nati Harnik, File)

By Associated Press October 3, 2016 2 min read

OMAHA, Neb. (AP) – Outdoor gear giant Bass Pro is snapping up rival Cabela’s in a $4.5 billion deal announced Monday.

Bass Pro is paying Cabela’s shareholders $65.50 cash per share, a 19 percent premium to Friday’s closing price. The deal combines two companies known for their giant destination superstores.

It also creates uncertainty about jobs in Cabela’s home state of Nebraska. The combined companies plan to keep some operations in Sidney and Lincoln, Nebraska, but it’s not immediately clear how many jobs might be lost.

Cabela’s employs about 2,000 people in the western Nebraska town of Sidney, which has about 7,000 residents. State Sen. Ken Schilz, who represents the area, said the news is concerning because of the duplication between the two companies’ headquarters that will be eliminated.

“We’ll just have to wait and see what Bass Pro does. I’m sure most folks in Sidney are pretty nervous this morning,” Schilz said.