Hedge fund Elliott Management, which bought a large stake in Cabela’s last October and pressed for changes, has sold over half of its more than 6 million shares in the company,
the
Omaha World-Herald
reported.
On Oct. 3, Bass Pro Shops announced it was buying Cabela’s for $5.5 billion.
“Elliott purchased Cabela’s shares for around $38.50 each, on average,” the article said. “It owned about $233 million worth of shares at that price. It sold more than half of them — more than 3.3 million shares — [the] week after the sale was announced, according to a Securities and Exchange Commission Filing. Cabela’s stock on [Oct. 4] closed at $63.36 per share. A calaulation of the figures available works out to a profit of more than $88.6 million — a 73 percent increase if Elliott sold at [the Oct. 4] closing stock price.”
Because Elliott has reduced its stake in Cabela’s to less than 5 percent, it is no longer required to report its purchases or sales of large amounts of stock, the article said. (Source:
Omaha World-Herald,
Oct. 8, 2016.)
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