Geeknet Gets An Anonymous Bid

Two days after apparently agreeing to be acquired by Hot Topic, Geeknet, parent company of online gizmos, gadgets and apparel seller ThinkGeek and ThinkGeek Solutions, has received a new bid from an anonymous buyer to acquire all of the outstanding common stock of the company for $20 per share in cash. Hot Topic’s bid came in at $17.50 per share.

Geeknet’s board of directors, in consultation with its legal and financial advisors, will carefully review and consider the bidder’s proposal. Geeknet remains subject to the merger agreement with Hot Topic, and the company’s board of directors has not changed its recommendation in support of it.

Geeknet’s board of directors said it will have no further comment on the bidder’s proposal until it has completed its review.

Hot Topic, a pop culture apparel and novelties seller, said on May 25 that it will acquire Geeknet for approximately $122 million, including $37 million of cash and cash equivalents.

According to a press release, Geeknet would become a subsidiary of Hot Topic.

“Geeknet’s unique concept and approach to the online retail community is a strong fit with our business strategy, which is focused on delivering great products for avid fans of various licensed properties,” said Lisa Harper, CEO of Hot Topic. “We are excited about the opportunity to help drive profitable growth and further enhance value for Geeknet’s customers.”

Kathryn McCarthy, CEO of Geeknet, said her company will remain focused on increasing its visibility, providing a platform to stimulate ideas and creativity, and expanding its product offerings to keep up with industry and customer demands.

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