Why would the Cabela family & the Cabela's board vote their shares in to approve the sale to Bass Pro? With all the people doing your jobs down in Missouri, Bass Pro is the worst possible buyer for Sidney. Why couldn't they have sold it to a buyer with no staff already in place? Or why didn't they at least try to fend this off?
6 replies (most recent on top)
GREED and Incompetence
That board is controlled by the Cabelas family!
Sadly, 65.50 is way over what this company is worth. Board did its job. It's job is not to protect the employees. It's to make shareholders money. CABELA'S may have broken your heart as it did mine but any thought a publicly traded retailer would be able to break from the norm is naive.
Maximum return on investment. The employees were and are regarded simply as spectators without valid ticket. But honestly, Greed, followed by even more Greed I'd to blame. In my opinion, Cabela's will be trimmed to extreme profit (employees will be eliminated whenever possible - cost outflow control). Whatever part of the absorbed company provides a healthy return on investment will be kept alive until they have their next phase in place. Bottom line, BP isn't so much buying the operation, but rather buy the name and eliminate one big competition. The Board as well the material shareholders are bought out in return for sufficient money to make their heads spin. Goodbye Cabela's.
Age, board incompetence, management incompetence and pure greed. Look at the institutional stockholders that hold the lions share of the company--they look for a return on their investment. Had management had the fortitude, they could have fended of Singer. They started to, but failed to follow through. Obviously, they were not up to the challenge.
interesting thought