Fairfax-based Geeknet is reconsidering the merger agreement with Hot Topic announced just yesterday, after receiving a better acquisition deal.
In a company statement Wednesday, Geeknet announced that an undisclosed bidder offered to to acquire all its shares for $20.00 a piece.
The Hot Topic acquisition was announced at $17.50 per share, for a total equity value of approximately $122 million.
“The Company’s board of directors, in consultation with its legal and financial advisors, will carefully review and consider the Bidder’s proposal,” the statement reads.
Geeknet is the parent company of ThinkGeek Solutions and ThinkGeek, an online retailer of geek culture-inspired products.
Before you go...
Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.
Join the conversation!
Find news, events, jobs and people who share your interests on Technical.ly's open community Slack
