What’s a little retail merger romance without a love triangle thrown in for good measure? After the news yesterday Hot Topic was buying online retailer ThinkGeek’s parent company GeekNet in a deal worth $122 million, the purveyor of sci-fi curiosities and comic book inspirations says another suitor has thrown in a bid to buy it.
On Wednesday, Geeknet confirmed that it’d received an unsolicited offer from a strategic buyer that remains nameless, to buy all oustanding common stock for $20 per share in cash. That’s in comparison to the $17.50 per share offer Hot Topic threw down on Tuesday.
It’s now up to Geeknet’s board of directors to consult legal teams and financial advisors to mull over this latest proposal.
Until then, Hot Topic is still the No. 1 horse in Geeknet’s stable, so to speak, as Geeknet’s announcement notes that its ” board of directors has not changed its recommendation in support” of the deal with Hot Topic, and won’t have anything to say about this new bidder until the review is over with.
SOURCE: Consumerist – Read entire story here.
