Springfield-based Bass Pro Shops has lowered its bid in its effort to acquire rival Cabela’s.
In a Monday news release, Nebraska-based Cabela’s said the terms of the merger agreement the companies signed on Oct. 3 had been amended.
The amended agreement calls for Bass Pro to acquire Cabela’s for $61.50 per share in cash. The original agreement called for Bass Pro to pay $65.50 per share.
Cabela’s also on Monday confirmed reports that Georgia-based Synovus Bank will join the deal.
The announcement comes in the wake of the deal encountering unexpected regulatory obstacles revolving around Capital One Financial’s effort to acquire Cabela’s banking operation World’s Foremost Bank. Shares of Cabela’s stock sunk to the mid-$40 range in mid-February, down more than 26.8 percent compared to the day the merger was announced, as investors grew pessimistic about the deal.
Read more: Springfield News-Leader