GameStop Beats Out Hot Topic to Acquire ThinkGeek

Video game retail giant GameStop has outbid Hot Topic to buy Fairfax-based Geeknet for $140 million. Geeknet, the parent company of pop culture collectibles and gadget maker ThinkGeek, will sell all of its outstanding shares to GameStop for $20 per share, with the total deal including $37 million in cash.

Last week it looked like Hot Topic had locked down a deal with Geeknet of $17.50 a share before the offer from GameStop, which kept its name out of the news at first, changed the matter. Geeknet gave Hot Topic until Monday to match or exceed GameStop's offer, but it looks like that didn't happen, although Geeknet will pay a termination fee to Hot Topic.