Bass Pro Shops proposed acquisition of Sportsman’s Warehouse to be investigated
The proposed takeover by Bass Pro Shops of fellow outdoor retail giant Sportsman’s Warehouse is to be investigated by the Federal Trade Commission FTC) in the US.
The FTC has asked for more information – commonly known as a ‘second request’– from the owner of Bass Pro Shops, The Great Outdoors Group, regarding the acquisition, which was announced in December.
The filing reads: “The FTC’s second request extends the applicable waiting period relating to the merger until 30 days after both the company and parent have complied with the second request unless the waiting period is terminated earlier by the FTC or voluntarily by the company and parent. The company and parent will continue to cooperate with the FTC staff in its review of the merger.
“Assuming that the company and parent receive the required clearance… and each of the other conditions to the consummation of the merger is satisfied or waived in a timely manner, the company continues to expect to complete the merger in the second half of the calendar year.”
SBG Media reports that the statuary waiting period for regulatory approval of Bass Pro’s acquisition of Sportsman’s Warehouse had been scheduled to expire on February 5th, although Sportsman’s Warehouse noted in an earlier filing that date may be extended by the Antitrust Division of the FTC.
The Great American Outdoors Group, which owns Bass Pro Shops and Cabela’s, agreed in late December to purchase Sportsman’s Warehouse for $18 a share, valuing the chain at around $800m.
Source: SBG Media.