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Trans World ceo makes bid for shares


ALBANY, N.Y. Robert Higgins, chairman and ceo of Trans World Entertainment, and the company's largest shareholder has made an offer to purchase the outstanding shares of the company he does not already own, Trans World Entertainment reported. Higgins and his related persons and entities currently hold approximately 40% of the issued and outstanding shares of the company.

According to Trans World Entertainment, Higgins's preliminary proposal contemplates an offer to pay the company's shareholders $5.00 per share in cash. In the proposal, Higgins made clear that it will be subject to the approval of the board of directors and the negotiation and execution of definitive documentation with the company.

Aspecial committee of non-management members of the company's board of directors will review and evaluate Higgins's proposal and said it expects it may become engaged in negotiations and discussions with Higgins.

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