Deals
Geeknet Gives Hot Topic Three Days to Match Higher Offer
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Geeknet Inc.’s board determined that a $20-a-share takeover proposal from an undisclosed suitor was superior to an earlier, lower bid from Hot Topic Inc. and gave the teen retailer until Monday to match the offer.
Yet while the new bid was deemed superior, the board hasn’t yet changed its recommendation in favor of the Hot Topic buyout, Fairfax, Virginia-based Geeknet said today in a statement. Hot Topic had offered $17.50 a share for Geeknet in a deal the companies said had a $122 million equity value.