Paul Singer & Cabela’s – LewRockwell

Tim McGraw wrote:

Hi Lew,

Paul Singer, who contributed mightily to the campaign to defeat Thomas Massie, is a hedge fund manager, a corporate pirate, and I believe, the heir to the Singer Sewing Machine fortune. He’s an asshole in my opinion. Tucker Carlson did an episode on his 

Fox TV show about how Singer forced the Sale of Cabela’s.

Tim

Paul Singer Cabela’s

• Paul Singer: Billionaire founder of Elliott Management, an activist hedge fund that acquired an 11% stake in Cabela’s in 2015 and pressured the company to explore a sale, stating it should be sold through a public auction process and indicating it was prepared to take further steps if the company did not engage in a sales process.

Following the announcement of Cabela’s sale to Bass Pro Shops in 2016, Elliott Management sold its shares, reportedly making at least $90 million. The sale followed pressure from Elliott Management, which began after it disclosed its stake in 2015. The transaction provided Cabela’s shareholders with a 19.2% premium over the closing price on September 30, 2016, and a 40% premium over the December 1, 2015 closing price. Prior to the sale, Cabela’s was profitable, generating over $1 billion annually.

Cabela’s: Nebraska-based outdoor equipment retailer headquartered in Sidney, which was acquired by Bass Pro Shops in a $5.5 billion cash deal finalized in 2017.