Filed under: Deals
The strange saga of the Trans World Entertainment (NASDAQ: TWMC) takeover battle that wasn’t is getting even stranger.
In a press release issued last night, the company announced that
“Robert J. Higgins
, its CEO and largest shareholder, has withdrawn his preliminary proposal to acquire the Company, which proposal was first announced in November 2007.”
But wait: shortly after Higgins’ $5 per share “preliminary offer,” Sherwood Investments put out a press release announcing it would be willing to pay $7 per share but that “this offer may be increased as a result of the information obtained from the due diligence process.” In an earlier post, I questioned the legitimacy of the offer, and we never really heard much more about it.
In the press release issued last night, Trans World added “that there are no other pending proposals by management and/or any third parties to acquire the Company at this time.”
So whatever happened to the Sherwood offer?
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