U.S. hunting and fishing store chain Cabela's, under pressure from investor Elliott Associates, is exploring a sale and other strategic alternatives.
Shares of the company rose 4.5 percent to $49 in premarket trading on Wednesday. (Get the latest quote here.)
Privately held outdoor retailer Bass Pro Shops was looking to buy Cabela's, Reuters reported in November, citing people familiar with the matter.
Cabela's, whose quarterly revenue has missed analysts' estimates in five of the last seven quarters, has not set a time for completion of the process and said it could not assure that the move could result in a sale.