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Sherwood Seeks Trans World Info

By Associated Press
December 14, 2007 | Comments (0)

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Sherwood Investments Overseas Ltd. said Friday it has signed a confidentiality agreement with Trans World Entertainment Corp. in relation to its $7-per-share bid for the music and video retailer.

According to a filing with the Securities and Exchange Commission, Trans World will provide Sherwood certain confidential and proprietary information to be reviewed as part of its due diligence process.

Sherwood beneficially owns about 2 million shares, or a 6.3 percent stake, of the Albany, N.Y.-based company, according to the filing. Previously, the company reported owning 1.5 million shares, or a 5 percent stake.

On Nov. 29, Sherwood offered $217 million, or $7 per share, for the company, which competed with a previous $5-per-share buyout proposal made by Trans World CEO Robert J. Higgins and shareholder Riley Investment Management LLC earlier in November.

Trans World shares fell 11 cents to $5.07 in morning trading.

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