New SEC document filed
14 replies (most recent on top)
On June 6, 2016, the Board held a regularly scheduled meeting. Members of management and representatives of Koley Jessen, Sidley Austin and Guggenheim Securities were present for portions of the meeting. At the outset of the meeting, Mr. Cabela recused himself from the meeting and Mr. McCarthy noted for the Board that Mr. Cabela had confirmed to Mr. McCarthy that if the potential strategic alternatives review process resulted in the Board determining to sell the Company to Parent, or to any other potential bidder if the potential bidder intended to move the Company’s headquarters out of Sidney, Nebraska, Mr. Cabela was not likely to vote his shares of the Company in support of such a proposed transaction. Mr. Highby indicated he also would not be inclined to vote his shares for such a transaction. The remaining directors indicated they did not have a similar predisposition. Mr. Highby then recused himself from the meeting. The Board discussed procedures designed to mitigate the impact that Messrs. Cabela’s and Highby’s predispositions would have on the strategic review process and determined that as long as Parent and any other bidders that were likely to move the Company’s headquarters were involved in the
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You may be right. I also think that if the current leadership keeps destroying the image customers have of our company, it may be too damaged to keep. In that situation Johnny might not keep the name.
Time will tell. There have been many occasions where businesses have eliminated the name of the company they acquired (Verizon bought MCI and retired the name). Same with Compaq. I think it could go either way, but Johnny might drop the Cabelas name due to vanity
Of course Corp will be Bass Pro. No reason to keep two Corps. Why would the name on the stores not be Cabela's? When K-Mart bought Sears (BTW, that was a merger too), you didn't see all the Sears stores change their names to K-Mart. Johnny Morris is not stupid. I don't think he will kill the Cabela's brand because it has too many loyal customers...Not a good thing after spending 4.5 billion.
Anybody want to guess how long before the proxies are mailed out
So is the name of this new merged company Cabela's Bass Pro...or Bass Pro's Cabela's .
Not likely.
I would bet anything the corp name will be Bass Pro...and all the stores will be re-branded that way...I'm sure they keep the Cabela's name some on individual products.
Not very "merger" like.
Yes I did...
"As a result of the merger, the Company will become a wholly-owned subsidiary of Parent". The Company is Cabela's and the Parent is Bass Pro.
I saw that and I have been one that has said this is not a merger. By the true definition, this is not a merger since BP is paying money for Cabela's. One other thing I read, I'm not an expert, but one statement made it sound like once the transition is final, BP will operate separately from Cabela's. Did anyone else read that?
By the way, that SEC filing contains several thousand references to the word "MERGER".
;-)
A very good history of events starting on page 33.
https://www.sec.gov/Archives/edgar/data/1267130/000119312517178449/d269185dprem14a.htm
Based on the most recent filing, here's a quick look at Stock Ownership and how much everyone is getting at the current payout rate of $61.50:
Initials Shares Stock Ownership Value ($61.50)
J.C. 11,205,376 $689,130,624
M.M. 1,595,751 $98,138,687
T.M. 540,689 $33,252,374
R.C. 500,597 $30,786,716
D.H. 360,182 $22,151,193
C.B. 144,752 $8,902,248
M.C. 113,383 $6,973,055
S.W. 82,433 $5,069,630
S.B. 60,276 $3,706,974
T.A. 48,465 $2,980,598
J.E. 41,642 $2,560,983
B.P. 24,642 $1,515,483
D.M. 14,217 $874,346
J.F. 12,378 $761,247
P.S. 9,285 $571,028
He bought more than that. He needs the Outfitters in the stores to not turn off more customers of his and needs to make sure enough people stay long enough to transition. There is a scenario for sure that people impact the success and profit for the next few years.
He (johnny Morris) doesn't need the organization... he needs to make his main competitor to go away so he can dominate the market and get pricing control.
It's a very long filing but worth reading closely. Jim and Dennis did walk out of a board meeting and Jim did push very hard to guarantee jobs in SIDNEY. Tommy and the other board members sold this town out. Tommy once told a group of Directors that over his dead body will we sell to BPS. He is looking skinny these days. I hope it's stress and guilt that's causing it, though not likely guilt. I am so angry at myself for believing the b---s--- from him and the other Executives for so many years. I am smarter than this and will be forever scared by the way this was handled. If 10 percent of the share value of the executives was put into a fund to help with short sales on homes it would likely make everyone whole. Naive once, but never again. My gut tells me that Doug Means is the only one with any integrity or compassion for people. Sadly, our Chief HR Officer or whatever fancy title he has does not. I also don't think Corey or Ryan are to blame. They just got picked by Scott to clean up their mess. I really hope that John Morris understands that he has purchased a wounded organization that will be very hard to get engaged again.