Looks like they're making it public- checkout OutdoorHub.com.... saying CO is withdrawing from the rat race- guess they don't have to wait till Oct. CAB stock down to $55.80
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CO being investigated for money laundering and in bed with CAB executives. A match made only in Sidney. LMFAO!!! a shot of peach schnapps in that crown please.
What would this mean for the company as a whole? Sorry to seem ignorant, but I'm trying to understand the situation. What would it mean for Capital One to not continue the deal? Can the two retailers still merge without this deal? Are any companies interested in buying the bank? Will any of this effect employment? What a $&!show.
They've got til Oct to clear this...pass the popcorn and Crown koolaid...it will clear, too much at risk for consumers if it stays with CAB.
As a former employee, I watch closely the way this situation is taking a turn, and it appears to be one for the worse. Say what they want, however if CO backs out, they no longer have any influence. They w/d and the bank is up for bids. Time for plan B. Odds are Cabelas knew the bank deal was a wash before the announcement was ever made and they are busy configuring that plan B. There are multiple companies watching the outcome. Cabelas doesn't wasn't to come across as loosing control of the situation- what company would? Not very good PR. I would expect the official word on CO's withdraw when there has been a deal made with BP or another bank- The board, or what's left of it, is scrambling and the strings their holding on to are worn and frayed- Soften the blow by making empty promises of assisting in every way possible does no good when your no longer included in the actual transaction.... they wont be involved in the decision making, people... wake up!!
Read the whole thing and stop leaving things out...forcing others to take things out of context...here it is:
As an update on our Cabela's transaction, we do not expect to receive regulatory approval prior to October 3, 2017. This is the day when any of the parties involved in either the retailer deal or the bank deal can choose to terminate the transaction. Within the next week or so we expect to either withdraw our bank merger act application or have our application denied by the OCC. Ordinarily a bank would withdraw its application before receiving a denial but in this case our bank deal is tied up with the retailer deal which requires us to get consent from Cabela's in order to withdraw.
In either case whether we withdraw application or it is denied we will not be in a position to refile our application until after we have completed our work under the AML consent order. We remain committed to this deal and we will continue to work with Cabela's and Bass Pro toward completing the transaction.
Read the write up on Capital One on their earnings call- it does not just state the time frame would be up before bank approval- it specifically states... the Q4 2016 earnings call ... " An update on our Cabelas transaction, ..... Within the next week or so we expect to either withdraw our bank merger act application or have it denied by the OCC. Ordinarily a bank would withdraw its application before receiving a denial but in this case our bank deal is tied up with the retailer deal which requires us to get consent from Cabelas in order to withdraw-
I believe the article only states that because of the Fed wanting more info that it will cause the deadline to pass without the deal being finalized during the time frame originally laid out, Capital One still plans on going ahead with the deal
Lincoln Journal Star confirmed story
Seeking Alpha had something about it.
I'm doubting this one. I don't think they can withdraw until later this October...