GEEKNET INC. CONFIRMS THE RECEIPT OF A COMPANY ACQUISITION PROPOSAL
FAIRFAX, Va., May 27, 2015 /PRNewswire/ — Geeknet, Inc. (Nasdaq: GKNT, the “Company”) today acknowledged the receipt of an unsolicited offer from a strategic buyer (the “Bidder”) to acquire all of the outstanding common stock of the Company for $20.00 per share in cash.
As previously announced, the Company entered into an Agreement and Plan of Merger dated as of May 25, 2015, with Hot Topic Inc. (“Hot Topic”) (the “Merger Agreement”) pursuant to which Hot Topic agreed to acquire all of the outstanding common stock of the Company for $17.50 per share in cash.
The Company’s board of directors, in consultation with its legal and financial advisors, will carefully review and consider the Bidder’s proposal.
The Company remains subject to the Merger Agreement and the Company’s board of directors has not changed its recommendation in support of the Merger Agreement. The Company’s board of directors will have no further comment on the Bidder’s proposal until it has completed its review.