Bass Pro to buy rival Cabela's for $4 billion

SIDNEY, Neb. - Cabela's (CAB) shareholders have approved selling the outdoor outfitter to rival Bass Pro Shops for roughly $4 billion.

The Nebraska-based chain said Tuesday that shareholders had voted for the deal that will pay them $61.50 per share.

Cabela's CEO Tommy Millner says the shareholder vote is an encouraging milestone for the deal that was announced last October.

Company officials have said they expect the deal to close later this year, but banking regulators have yet to approve the sale of Cabela's credit card unit that is part of the transaction.

After the merger, the company will be based in Bass Pro's hometown of Springfield, Missouri. It's not yet clear how many of the roughly 2,000 jobs in Cabela's headquarters of Sidney, Nebraska will remain after the deal.