Geeknet gets higher offer after accepting Hot Topic deal

Geeknet has received a higher offer from a strategic buyer, just one day after it agreed to a sale offer from Hot Topic.

The parent company to ThinkGeek Solutions, which sells an assortment of goods targeted at geeks and hackers, will now consider the unsolicited offer of $20 a share, reported the Wall Street Journal.

The original deal with mall retailer Hot Topic was for $17.50 a share, totaling around $122 million. At the time, the offer was more than double Geeknet's market value.

"The company's board of directors, in consultation with its legal and financial advisors, will carefully review and consider the bidder's proposal," Geeknet said in a statement.

Hot Topic is one of several retailers trying to close acquisition deals by the end of 2015. Standard General recently acquired RadioShack (NYSE:RSH) and 7-Eleven's acquired Tedeschi Food Shops.

For more:
-See this Wall Street Journal article
-See this Geeknet press release

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