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.
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