Geeknet Inc., parent company of ThinkGeek and ThinkGeek Solutions, has ended its agreement to be purchased by Hot Topic so it can accept a higher bid from video game retailer GameStop.
Geeknet announced Tuesday that Grapevine-based GameStop will pay $20 per share, or about $134.6 million. The companies put the deal's value at approximately $140 million.
Last week Hot Topic Inc. agreed to buy Geeknet for $17.50 per share, or $117.3 million. But Geeknet received a $20-per-share offer a day later, although the bidder's name wasn't named at the time.
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Geeknet said Tuesday that after talks with GameStop and Hot Topic, its board decided that the GameStop deal was a "superior proposal."
The boards of Geeknet and GameStop have approved the transaction.