The outdoor sign seen at the Cabela's store in Denver February 16, 2017. (Reuters/Rick Wilking photo)
By Reuters
(Reuters) - Cabela's Inc said it agreed to be bought by fellow outdoor goods retailer Bass Pro Shops for a lower price than agreed, and that it would sell its bank unit in a two-step deal as it seeks regulatory clearance for the transactions.
Synovus Financial Corp will buy certain assets of Cabela's financial division and then resell the credit card portfolio within the unit to Capital One Financial Corp, Cabela's said in a statement on Monday.
The unit, called World's Foremost Bank, was supposed to be bought by Capital One last year, but the deal wasn't able to get timely regulatory approval.
The new merger terms come amid regulatory scrutiny of the deal, although...