Cabelas Inc CAB shares are trading lower by $4.00 (6.2 percent) at $57.68 in Friday's session.
Risk-arbs and other investors are exiting the issue as its deal to merge with Bass Pro has been delayed until October 2017. The FTC has requested additional information regarding the merger between the two outdoor supply companies.
There has been some previous skepticism whether or not the deal will actually go through at the stated price of $65.50. In fact, the issue traded no higher than $63.60 on the day the deal was announced and has been drifting lower ever since. Cabelas ended Thursday's session at $61.68.
After a lower open, it immediately bottomed at $57.36 and began to move higher. The ensuing rally has taken the issue to $58.80, but has now fallen back into the upper $57 handle.
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