Geeknet Inc. (GKNT) has attracted a rival bid after it agreed to be acquired by goth-themed mall retailer Hot Topic. The company, which makes products featuring superheroes, sci-fi classics, and fantasy themes, including various Marvel franchises, Star Wars, Star Trek, and hit TV show Game of Thrones, said it is evaluating the new offer from a mystery bidder. Hot Topic had offered $17.50 per share, or about $122 million; the new bid tops that by more than 14% at $20 per share, or nearly $140 million. The stock is up about 133% since Friday. Would-be acquirer Hot Topic is owned by private equity firm Sycamore Partners, which specializes in the retail and consumer products space, and is no stranger to turnaround situations. The Deal’s Senior Reporter Lisa Allen has the details from New York.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
