The Curious Case Of Bass Pro Shops' Sale

For more than a year, Bass Pro Shops has been rumored to be in the process of bidding for Cabelas Inc (NYSE: CAB). A recent Reuters report indicated that the privately held retailer is aligning with Goldman Sachs Group Inc (NYSE: GS)'s private equity unit to make a bid.

Related Link: Dick's Shares Down 4% Over Last 2 Sessions; Oppenheimer Says Buy The Dip

Reacting to the news, Bass Pro neither confirmed nor denied the report and indicated that its policy was not to react to rumors.

Let's look at the timeline:

• April 1, 2015: Leonard Green was said to be in talks to acquire stake in Bass Pro Shops.
• November 5, 2015: Reuters reported Bass Pro Shops was working on potential deal for Cabela's.
• November 5, 2015: A Bass Pro Shops spokesperson told Benzinga they were aware of the report that the company might be working with a bank for a Cabela's deal, but said it policy is not to comment on speculation.
• November 6, 2015: Report said Bass Pro Shops was working on a potential deal for Cabela's.
• March 24, 2016: New York Post said Bass Pro Shops was among potential buyers for Cabela's.
• March 24, 2016: Cabela's investors shrug after more sale chatter.
• April 19, 2016: Reuters reported Bass Pro Shops was working with Goldman for Cabela's bid.
• June 2, 2016: Cabela's shares traded higher after NY Post article highlighting Goldman and Bass Pro Shops joining hands to bid for company and termed favorite to win.
• July 14, 2016: Cabela's shares traded higher on expected acquisition by Goldman/Bass Pro Shops, although some traders were skeptical of further upside.
• July 14, 2016: Dicks Sporting Goods Inc (NYSE: DKS) stock up 1 percent after NY Post article about Cabela's closing on sale to Goldman Sachs and Bass Pro Shops.
• August 6, 2016: Cabela's shares traded volatile following unconfirmed chatter of PE interest.
• September 29, 2016: Reuters reported a consortium of Bass Pro Shops, Goldman Sachs and Capital One Financial Corp. (NYSE: COF) to compete with consortium of Sycamore Partners and Synchrony Financial (NYSE: SYF) for Cabela's final bids.
• September 29, 2016: Bass Pro Shops told Benzinga, "We are aware of recent media speculation and our policy is not to comment on market rumors."

At time of writing, Cabela's was up 2.52 percent on the day at $54.90.