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A day after accepting $117.3M Hot Topic offer, Geeknet gets new offer worth $134.6M

Associated Press
Published | Updated

NEW YORK – Geeknet, which announced Tuesday it would be acquired by retailer Hot Topic, said Wednesday it received a new and higher offer.

The parent company of ThinkGeek and ThinkGeek Solutions said it received an offer from a "strategic buyer" that values it at $20 per share, or around $134.6 million. Hot Topic agreed to buy the company for $17.50 per share, or $117.3 million.

Geeknet Inc. said it will review the new offer. Its shares rose $1.11, or 6.5 percent, to $18.11 in afternoon trading.

ThinkGeek, based in Fairfax, Virginia, sells clothing, toys, gadgets and other products mostly based on popular movies, television shows and brands with "geek" appeal. That includes "Star Trek," ''The Big Bang Theory," ''Star Wars" and the Marvel brand. Its ThinkGeek Solutions business distributes video-game themed merchandise through licensed web stores.

Shares of Geeknet closed at $7.90 on Friday.