Outdoor apparel retailer Cabela's (CAB) announced on Tuesday that its shareholders voted to approve the company's combination with Bass Pro Shops.
Cabela's agreed in April to be bought by Bass Pro Shops for $61.50 a share, down from the original purchase price of $65.50 a share, valuing the acquisition at $4.2 billion.
The transaction is expected to close in the third quarter of 2017, and is subject to regulatory approvals and customary closing conditions.
"We are pleased that our combination with Bass Pro Shops has received the overwhelming support of Cabela's shareholders," said Tommy Millner, Cabela's CEO. "Today's results are an important milestone as we look forward to completing the merger and creating the premier retailer in outdoor sporting goods, with an unparalleled commitment to customer loyalty and satisfaction."
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Watch out, Apple: Louis Vuitton Tuesday unveiled its first smartwatch coined the Tambour Horizon in a bid to cut into Apple Inc's (AAPL) - Get Apple Inc. (AAPL) Report hold on the wearables market, TheStreet reports.
The watch was made in conjunction with Alphabet's (GOOGL) - Get Alphabet Inc. Class A Report Google and Qualcomm Technology (QCOM) - Get QUALCOMM Incorporated Report and starts at a lofty $2,450. It works with both Apple and Android devices, and is the first Android Wear smartwatch that functions in China.
Yes, it's Amazon Prime Day: Although many probably have Amazon (AMZN) - Get Amazon.com, Inc. Report Prime Day fatigue right now, that doesn't mean they won't be spending aggressively on big digital deals. Amazon stands to ring up more than $2 billion in sales worldwide during the 30-hour sale known as Prime Day, Internet Retailer predicts. The gain would mark about a 21% increase from a year ago. U.S. sales alone are pegged at $1.56 billion, up 20% from last year, TheStreet reports.
Bitcoin has crashed: Traders that have rode the wave higher in Bitcoin via cryptocurrency plays such as Advanced Micro Devices (AMD) - Get Advanced Micro Devices, Inc. Report and Nvidia (NVDA) - Get NVIDIA Corporation Report may want to reconsider their bullishness. Bitcoin prices entered into bear market territory Tuesday, TheStreet reports, as an embarrassing legal case kicked off in Japan and experts continue to squabble over key changes to the cryptocurrency's infrastructure.
Bye-bye regulations: President Trump late Monday nominated former Treasury official Randal Quarles as the Federal Reserve's top bank supervisor. As TheStreet's Ron Orol reports, the nomination could lead the way to a dismantling of many Obama Administration bank regulations and is one that is expected to send a positive signal for now to big and regional bank stocks. Orol points out that the appointment could boost bank stocks such as Bank of America (BAC) - Get Bank of America Corp Report , Wells Fargo (WFC) - Get Wells Fargo & Company Report , Citigroup (C) - Get Citigroup Inc. Report and Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. (GS) Report in the near-term.
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