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Gamestop buys ThinkGeek

by on03 June 2015


Made it an offer it could not refuse

Last week it was reported how Geeknet Inc. was in the process of being bought out by retailer Hot Topic for $16 a share or $37 million in cash.

However we have just discovered that deal was squashed because Thinkgeek got a better deal from Gamestop.

GameStop offered $20 per share and Hot Topic wanted away. GameStop's $20 per share deal also includes $37 million in cash and comes out to a total valuation of $140 million.

Geeknet must pay Hot Topic a three percent "break-up fee," which GameStop has agreed to reimburse.

What this will mean is that ThinkGeek customers can pick up ThinkGeek merchandise in GameStop stores.

The press release also mentions the potential of offering GameStop PowerUp Rewards members "exclusive, unique and cutting edge merchandise related to their favourite entertainment."

The deal should be concluded by the end of GameStop's second financial quarter of 2015, which will happen in August.

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