Mounted African animals sit against a mural in the African diorama section of a Cabela's store in Wheeling, W.Va.
Dale Sparks | AP
Cabela's stock gained as much as 7.7 percent Tuesday after Reuters reported Bass Pro Shop and Goldman Sachs were teaming up to make a bid for the firm.
Goldman and Cabela's did not immediately respond to CNBC's comment request. Bass Pro declined to comment.
By partnering with Goldman, Bass Pro receives the equity financing necessary to pursue Cabela's and makes such a deal more likely, given the potential cost savings and synergies a combination of the two U.S. sports and outdoor retailers would bring, Reuters said.
Cabela's stock closed up about 6 percent Tuesday, and has gained nearly 23 percent in the last six months.
CAB over last 6 months