Trans World to let Higgins add to bid consortium

By Lisa Kerner

Charlotte, N.C., Nov. 20 - TransWorld Entertainment Corp.'s special committee will permit the company's largest shareholder, chairman and chief executive officer Robert J. Higgins to work with prospective co-investors in connection with his Nov. 9 nonbinding expression of interest to acquire TransWorld for $5 per share.

Higgins and his affiliates hold some 40% of TransWorld's issued and outstanding shares, according to a company news release.

The actions by the special committee merely provide that Higgins may expand his bid consortium to include Riley Investment Management LLC which owns about 11.9% of TransWorld.

The special committee "has neither reached a view on the advisability" of Higgins' proposal not has it "undertaken any obligation to negotiate exclusively with Mr. Higgins or his prospective consortium," the release stated.

TransWorld said the special committee granted a limited and conditional waiver under Section 912 of the New York Business Corporations Act and the company's shareholders rights plan.

Based in Albany, N.Y., Trans World is a specialty retailer of entertainment software, including music, home video and video games. The company operates more than 950 retail stores.

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