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Cabela's Fields Bid Interest, Weigh Options for Company

Cabela’s Inc., which came under pressure from activist investor Elliott Associates last month, is fielding potential takeover interest and weighing whether to begin a sales process, people with knowledge of the matter said.

The retailer of hunting, fishing and camping supplies is working with its regular advisers at Guggenheim Partners, which has begun reaching out to a small group of potential private equity buyers and strategic acquirers, said the people, who asked not to be identified as the matter is private. Competitor Bass Pro Shops is working with JPMorgan Chase & Co. to help it explore a bid for Cabela’s, other people said.

Cabela’s board hasn’t authorized a formal strategic review or given advisers an official mandate to seek buyers, one of the people...