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Cabela's Inc. has agreed to sell the assets and liabilities of its unit World's Foremost Bank to Synovus Financial Corp. and Capital One Financial Corp.
Pursuant to deal terms, Synovus Bank will buy certain assets and assume certain liabilities of World's Foremost Bank, including deposits totaling approximately $1.2 billion.
Furthermore, Cabela's amended its agreement with Bass Pro Shops. Under the amended deal, Bass Pro will buy Cabela's for $61.50 per share in cash for a total of approximately $5.0 billion. Cabela's expects the deal to close in the third quarter, subject to Cabela's shareholder and regulatory approvals.
The World's Foremost Bank/Synovus deal is subject to regulatory approvals and will close immediately before the Bass Pro Shops transaction.
Immediately after deal completion,...