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Cabela’s, the activist investor target of Elliott Management, is still looking to sell itself. The hunting and fishing retailer isn’t going to outright sell its business. Rather, it’s looking to sell its credit card business first.
The likely buyer, once the credit card sale takes place, is Bass Pro Shops. Banks will be the likely buyers of the credit card business. Elliott Management started pushing for a sale back in October, owning 11% of the company.
The credit card operation sale, which generates some 30% of its profits, would relieve the company of regulatory oversight.
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