Geeknet: Bidder's $20.00/shr Offer Superior To Hot Topic's Proposal

(RTTNews) - Geeknet Inc. (GKNT) announced that the company's Board had determined that the previously announced offer from a strategic acquiror to acquire Geeknet for $20.00 per share in cash constituted a "Superior Proposal" under the terms of the previously announced Agreement and Plan of Merger with Hot Topic, Inc.

The Bidder's offer followed the announcement of Agreement and Plan of Merger dated as of May 25, 2015, with Hot Topic, pursuant to which Hot Topic agreed to acquire Geeknet for $17.50 per share in cash. The Bidder stated that its offer will remain outstanding until 9:00 a.m. EDT, June 2, 2015. Geeknet said Hot Topic has the option until 9:00 a.m., Eastern Time, on June 1, 2015, to match or exceed the Bidder's offer.

Geeknet said the Bidder has agreed to reimburse the company for the break-up fee to Hot Topic if the Board terminates the agreement in favor of the Bidder's proposal.