BVI company makes $217mln purchase offer to Trans World Entertainment Corp

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, a  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.

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