NERA Provides Analysis in Bass Pro Shops Acquisition of Cabela’s

06 September 2017

NERA Economic Consulting assisted Bass Pro Shops, a leading outdoor hunting, fishing, camping, and boating sporting goods retailer, during reviews by the US Federal Trade Commission (FTC) and Canadian Competition Bureau (CCB) of the company’s proposed acquisition of Cabela’s Incorporated, another leading outdoor sporting goods retailer. Both the FTC and CCB closed their investigations without taking any action.

NERA Academic Affiliate Dr. Elizabeth M. Bailey supported Bass Pro Shops' outside antitrust legal counsel, O’Melveny and Myers, during the extensive review by the FTC of the proposed acquisition of Cabela’s. NERA's team helped counsel conduct empirical analyses to inform the assessment of antitrust risks and to engage with FTC economists on the competitive effects of the transaction including addressing competitive concerns raised by the agency. NERA's team also supported Bass Pro Shops and its counsel in responding to the FTC's Request for Additional Information, commonly referred to as a "Second Request."

Partner Ted Hassi of O’Melveny and Myers said “The assistance provided by Liz Bailey and the economists at NERA throughout the FTC's investigation was extremely useful. NERA’s work, as well as their ability to address complex analytical topics in non-technical language, was essential to addressing the questions raised by the FTC and to securing their approval of the transaction. Liz and her team were knowledgeable and a pleasure to work with.” 

NERA also supported Bass Pro Shops’ Canadian counsel, Blake, Cassels & Graydon LLP, by contributing to affirmative engagement with the CCB and with assistance in complying with a Supplementary Information Request (or “SIR”). Partner Jason Gudofsky, of Blakes, said “Liz and the entire NERA team were terrific. NERA’s ability to work under tight timelines and synthesize a significant volume of information was instrumental to the successful outcome of the Competition Bureau’s review. We found the NERA team to be highly practical, creative and a real pleasure to work with. Ultimately, NERA played a key role in our ability to secure a no action letter from the CBB.” 

NERA presented its research to the FTC and CCB throughout 2016 and 2017. In July 2017, the FTC closed its investigation without taking any action. The CCB also closed its investigation without taking any action. 

About NERA

NERA Economic Consulting ( is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For more than six decades, we have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. We bring academic rigor, objectivity, and real-world industry experience to issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA’s clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world’s largest economic consultancies. Continuing our legacy as the first international economic consultancy, NERA serves clients from major cities across North America, Europe, and Asia Pacific.