Fairfax-based Geeknet Inc. receives higher takeover offer
Fairfax-based Geeknet Inc. said on Wednesday it had received an unsolicited offer to acquire the company for $20 per share in cash.
The company did not identify the bidder.
Geeknet announced on Tuesday that it has signed an agreement with Los Angeles-based retailer Hot Topic Inc., under which the company would be acquired for $17.50 per share in cash.
Geeknet said its board of directors will carefully review and consider the new proposal. Nonetheless, it said, the company remains subject to the merger agreement and the board of directors has not changed its recommendation accepting Hot Topic’s offer.
Geeknet is the parent company of ThinkGeek and ThinkGeek Solutions. ThinkGeek Solutions distributes video game-themed merchandise through licensed web-stores for the gaming community.