WASHINGTON (dpa-AFX) - GameStop Corp. (GME), a family of specialty retail brands said it has successfully completed its acquisition of Geeknet through a tender offer to purchase all outstanding shares of Geeknet, Inc. (GKNT) for $20.00 per share in cash, without interest thereon and less any applicable withholding taxes.
Following the completion of the Offer to purchase all outstanding shares of Geeknet for the Offer Price, GameStop acquired all remaining Geeknet shares through a merger without a vote or meeting of Geeknet's stockholders pursuant to Section 251(h) of the General Corporation Law of the Delaware.
At the acceptance time for the Offer, GameStop accepted for payment and paid for 5,924,629 shares, which were validly tendered and not withdrawn in the Offer, representing 86.38% of Geeknet's outstanding shares, according to the depositary for the Offer.
According to GameStop, at the effective time of the merger and subject to any perfected appraisal rights, all remaining shares of Geeknet common stock not tendered into the Offer were converted into the right to receive $20.00 in cash, without interest thereon and less any applicable withholding taxes, which is the same amount as paid in the Offer.
As a result of the completion of the merger, Geeknet has become a subsidiary of GameStop and Geeknet's common stock will no longer be listed on the NASDAQ Global Market.
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