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Business

FTC review to delay Cabela’s-Bass Pro merger

By
Josh Kosman
Published Nov. 29, 2016, 10:39 a.m. ET

The merger of Bass Pro Shops and Cabela’s has hit a speed bump.

The Federal Trade Commission has asked Bass Pro Shops for more information on its $5.5 billion acquisition of Cabela’s, a move that will hold up the Oct. 5 deal for what two sources close to the situation said could be a few months.

Bass Pro had hoped to get clearance under its first regulatory review that expired this week.

Cabela’s acknowledged Tuesday afternoon it is refiling it merger application with regulators, giving them until Dec. 29 to decide whether to ask for a second request. A second request review typically takes several months, at a minimum.

“You usually refile because you think with a few more weeks you can avoid a second request,” a DC source not directly involved in this merger said.

“It means you are optimistic,” the source added.

Bass Pro, in a confidential lender presentation, said 45 percent of its customers also shop at Cabela’s.

Bass Pro has agreed to buy Cabela’s for $65.50 a share. Cabela’s shares dipped 2.8 percent in the minutes after 24hbongdda.site broke the news Tuesday morning of the extended FTC review, before closing at $62.54, up 7 cents.