From start to finish, the saga of Cabela’s ultimate sale to Bass Pro is surely one of the most complicated transactions in history. Among other things, the voluminous proxy statement for approval of the sale by shareholders makes clear that from the outset, it was obvious that any transaction involving the sale of the credit card business faced significant regulatory hurdles. Moreover, Jim Cabela with 16.3% of the stock and presumably some influence over the 6.7% held in a family trust, was not about to approve a transaction that contemplated moving all the operations out of Sidney, NE.

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