The board of directors at Cabela's said it had started exploring a range of strategic alternatives for the U.S. fishing, hunting and outdoor retailer, to drive value for its shareholders. After some investor rumblings in the last few weeks, Cabela's chief executive, Thomas Millner, said in a statement that the company was working on its Vision 2020 strategic plan to drive growth in sales and profitability but that it had begun to look into alternatives to perhaps deliver further value. Working with Guggenheim Securities as financial adviser for this strategic review, the board and the management team haven't set a timetable and the company pointed out that the process may not lead to any sale transaction or other strategic alternative. The investor Elliott Associates asked Cabela's to explore strategic alternatives after it disclosed a stake of 11 percent in the retailer in October. Bass Pro Shops, a privately held company and rival outdoor and fishing retailer in the U.S. and Canada, was considering an acquisition of Cabela's in November, according to Reuters.

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