Hold on, now GameStop's buying ThinkGeek
There was a hushed silence as the Priest shouted "should anyone have an objection to the marriage of ThinkGeek and Hot Topic, speak now or forever hold their peace." Suddenly, a side-door slammed open as GameStop rushed in, demanding that the ceremony stop, because it alone was ThinkGeek's one true love. Hot Topic blanched as ThinkGeek struggled to make eye contact, before nodding in agreement, apologizing and bolting from the altar. As ThinkGeek and GameStop ran down the aisle, arm in arm, the online retailer knew that it had done the right thing because, after all, GameStop had loads more money.
The purchase between Hot Topic and GeekNet, ThinkGeek's parent company, was seen by many, including us, as a done deal. At the last minute, however, it appears that GameStop stepped in with a better offer, pledging to buy the company's shares for $20 a pop -- compared to the $17.50 price Hot Topic had agreed. As part of the deal, Hot Topic will receive a "termination fee," the value of which hasn't been disclosed, but will probably not be enough to ease the pain that only comes when your corporation is jilted.
The press-release makes mention of GameStop using the company to broaden its "product offering in the fast-growing collectibles category." It makes a big chunk of sense, since the store is suffering at the hands of its online rivals and has recently decided to go into the retro gaming business in a big way. Perhaps, much in the same way that Radio Shack stopped being a supply store for ham radio enthusiasts, GameStop will soon become a place you go to buy things other than games.
