Riley Investment Management and Trans World founder/chairman Bob Higgins have extended their agreement in a pursuit of taking the 815-unit chain private by buying out public shareholders. An agreement between the two signed on Nov. 28, expired on Jan. 27. The two parties have extended that deal until March 31.
On Nov. 9, Higgins disclosed that he proposed to Trans World’s board of directors that he would pay $5 a share to take the chain private. At the same time, Higgins, who owns about a 40% stake in Trans World, disclosed that he had received permission from the chain’s board of directors to approach Riley Investment -- which owns nearly 10% of the chain -- about participating in the bid.
Meanwhile, there is no word on whether Sherwood Investments Overseas, which made a non-binding $7 a share offer on Nov. 29, is still interested in buying the Trans World. The chain's shares closed at $4.23 today (Feb. 7).