logo
Plus   Neg
Share
Email

Geeknet To Be Acquired By Hot Topic For $17.50/Shr - Quick Facts

Geeknet, Inc. (GKNT), the parent company of online retailers ThinkGeek and ThinkGeek Solutions, Tuesday said it would be acquired by Hot Topic, Inc., a mall and web-based specialty retailer and a portfolio company of private equity firm Sycamore Partners, for $17.50 per share.

The acquisition, which has a total equity value of about $122 million, will be completed by means of a tender offer to be commenced shortly.

Following the agreement, the tender offer will begin no later than June 19, 2015. Consummation of the tender offer is subject to certain customary conditions. Shareholders representing about 21 percent of Geeknet outstanding shares have committed to participate in the tender offer.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Retail major Target Corp. is recalling about 44,350 units of Cat & Jack Baby Heart Ears Rompers, citing choking risks to children, the U.S. Consumer Product Safety Commission said in a statement. The recall involves rompers sold in various sizes from newborn to 24 months. The rompers were manufactured in Vietnam, and sold at Target stores across the United States and online. Alcoa Corp. (AA), the largest producer of aluminum in the US, Thursday reported a first-quarter profit that more than doubled from a year ago, driven by increased shipments and prices. Both adjusted earnings and revenues for the quarter trumped Wall Street analysts' estimates. Pittsburgh-based Alcoa... Walmart expects two-thirds of their Walmart U.S. hourly store roles to become full-time by the end of the current fiscal year, with consistent schedules from week to week, as part of their focus on creating even more opportunity for associates at Walmart.
Follow RTT