Geeknet Shares Soar After Hot Topic Buyout Deal | Fox Business

Geeknet Inc. shares soared 115% in premarket trade Tuesday, after the parent company of ThinkGeek and ThinkGeek Solutions agreed to be acquired by specialty retailer Hot Topic Inc. in a deal valued at $122 million. Under terms of the deal, Hot Topic will pay $17.50 for each Geeknet share through a tender offer, which is more than double Friday's closing price of $7.90. "Geeknet's unique concept and approach to the online retail community is a strong fit with our business strategy, which is focused on delivering great products for avid fans of various licensed properties, and we are excited about the opportunity to help drive profitable growth and further enhance value for Geeknet's customers," said Hot Topic Chief Executive Lisa Harper. Hot Topic is owned by private-equity firm Sycamore Partners.