UPDATE: Bass Pro Shops Said Working on Potential Bid for Cabela's (CAB)

(Updated - November 5, 2015 12:05 PM EST)

Bass Pro Shops said working on a deal for Cabela's (NYSE: CAB), according to Reuters.

UPDATE - According to the report, Cabela's is also reaching out to private equity firms about a potential deal.

Bass Pro Shops is also said to be working with banks on a potential bid.

News comes following a 13D filed by Elliott Management in late October. In part, the filing read:

The Reporting Persons believe that, in light of the robust environment for private equity investment in retail companies, potential strategic interest in the Issuer, and the Issuer's substantial asset holdings, there exist multiple pathways for the Issuer to unlock significant unrealized value. The Reporting Persons seek to engage in a constructive dialogue with the Issuer's Board of Directors regarding opportunities to maximize shareholder value through various strategic alternatives including, but not limited to: strategic transactions including a sale of the Issuer, asset monetization, capital allocation and capital structure optimization, and operational and management initiatives.

Shares of Cabela's are up 8 percent at noon. Also active today are Dick's Sporting Goods (NYSE: DKS) and Hibbett Sports (Nasdaq: HIBB).

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