The BVI company Sherwood Investments Overseas Ltd. announced last week that it has offered to buy music retailer Trans World Entertainment Corp. for $217 mln. Trans World was operating F.Y.E., a more-than-950-store music retail chain.
The $7-share offer was made in a letter to the board of Albany, N.Y.-based Trans World by Sherwood Investments, aÂ BVI-corporation headed by Julian Benscher, with a Windermere mailing address inside Isleworth. The BVI company, which said it owns 4.95% of Trans World shares, offered to buy the rest of the company because it thinks its properties are worth $8 a share. Meanwhile, Trans World had offered this month to buy the part of minority shareholders for $5 a share.
A message left with Trans World’s CFO John Sullivan was not immediately returned.