Cabela's Investors Withdraw Suit Over $5B Sale to Bass Pro Shops
Four investors in Cabela's Inc. on Thursday dropped class action claims accusing the outdoor sporting retailer of failing to disclose important details related to the company's $5 billion sale to Bass Pro Shops, saying that Cabela's has addressed its concerns with additional disclosures.
July 28, 2017 at 04:55 PM
4 minute read
Four investors in Cabela's Inc. on Thursday dropped class action claims accusing the outdoor sporting retailer of failing to disclose important details related to the company's $5 billion sale to Bass Pro Shops, saying that Cabela's has addressed its concerns with additional disclosures.
The announcement came more than two weeks after Cabela's stockholders voted on July 11 to approve the deal, which gave investors $61.50 cash for each share they held in the company. According to Cabela's filings with the U.S. Securities and Exchange Commission, 78 percent of outstanding shares were cast in favor of the merger.
Shareholders Adam Klein, Bernard Garcarz, Christopher Brown and John Solak filed separate class action complaints last month, saying a June 5 proxy statement detailing the deal was “incomplete and materially misleading.” Their cases had been consolidated into a single suit before U.S. District Judge Richard G. Andrews of the District of Delaware.
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