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Elliott Management takes Cabela's stake: Will push for sale

The Paul Singer managed Elliott Management has an 11.1% stake in Cabela's Inc. (NYSE: CAB) and it's looking to have a discussion with the board regarding about strategic options, namely a sale of the company.

Shares are up 15%, but still off big from the weak earnings earlier this week. Demand is down and operating margins getting squeezed at the outdoor retailer. 

Elliott feels the stock is undervalued and notes there's a lot of private-equity investment in the retail space right now. 

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