It's been a little over four months since outdoor-gear retailer Cabela's Inc. agreed to a $5.5 billion takeover by closely-held rival Bass Pro Shops at a mammoth premium, valuing it at $65.50 apiece. Since then, it has slipped more than 26 percent from its post-offer peak to as low as $46.28 on Wednesday because the deal, once a sure thing, is now anything but.
But if a transaction is completed, even at a
renegotiated price, the stock is arguably trading at steeper discount
than it deserves. Which will it be?
Here's why shareholders are rightly concerned:
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