Trans World Entertainment CEO Executive Robert Higgins and Riley Investment Management extended the terms of their nonbinding letter of intent to acquire Trans World to May 31. Riley and Higgins are proposing to acquire all of the company's outstanding shares for $5 each in cash. Higgins and his related entities currently hold 34,872,822 shares (46.5%) of Trans World. Riley holds 3,716,325 shares (11.9%).

On Nov. 28, Trans World Chairman and CEO Robert Higgins and shareholder Bryant R. Riley entered into a nonbinding letter of intent to acquire the company. Higgins, who is also the largest shareholder of Trans World, has proposed an offer to acquire all of the company's outstanding shares for $5 each in cash. He has indicated that he would consider working with Riley Investment Management, which holds an 11.9% stake in the entertainment-software retailer.
Higgins and Riley will jointly form a limited-liability company for the purpose of making a bid to acquire the shares held by Trans World's public stockholders. Higgins and his entities hold a 40% stake.

"Riley Investment Management said Trans World CEO Robert Higgins has asked if Riley is interested in joining his offer to acquire TWMC. Previously, TWMC received a nonbinding proposal from Higgins to acquire all of outstanding TWMC shares for $5 each, cash. Higgins and related entities hold a 40% stake. Riley said Higgins requested permission from TWMC's special committee to allow Riley to co-invest in the acquisition. Riley called it "an attractive opportunity" but has not yet agreed to participate. Riley Investment currently holds about 3.7 million shares (11.9%)."

Upgraded by Kaufman Bros from Sell to Hold

forward P/E is 58.5 and their PEG is a high 5.9.