SIDNEY, Neb. – Cabela's shareholders are giving a nod to the sale of the outdoor outfitter to rival Bass Pro Shops for roughly $4 billion.
Continue Reading Below
The Nebraska chain said Tuesday that shareholders approved a deal, announced in October, which will pay them $61.50 per share.
Sporting goods retailers, like the rest of the retail sector, has been under pressure because of changing shopping patterns.
Company officials have said they expect the sale to close later this year, but banking regulators must still approve the sale of Cabela's credit card unit, which is part of the deal.
After the buyout, the company will be based in Bass Pro's hometown of Springfield, Missouri. It's not yet clear how many of the roughly 2,000 workers at Cabela's headquarters of Sidney, Nebraska will be kept on.