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July 1, 2013 /PRNewswire/ -- Trans World Entertainment Corporation (Nasdaq: TWMC) today announced that it had commenced a "modified Dutch auction" tender offer to purchase up to
$25 million in value of the Company's common stock,
$0.01 par value per share (the "Shares"), at a price of not less than
$4.50 and not greater than
$5.10 per share (in increments of
$0.05) (the "Tender Offer"). The Tender Offer will expire at 12:00 midnight,
New York City time, on
July 29, 2013, unless extended. The Company announced its intention to make the Tender Offer on
June 27, 2013. On
June 26, 2013, the last full trading day prior to the announcement of the Tender Offer, the last reported sale price of the Shares was
$4.94 per Share.
A "modified Dutch auction" tender offer allows shareholders to indicate how many shares and at what price(s) they wish to tender within the Company's specified price range. Based on the number of shares tendered and the prices specified by the tendering shareholders, the Company will determine the lowest price per share within the range that will enable the Company to purchase
$25 million in value of its common stock (or a lower amount if the offer is not fully subscribed). All shares purchased by the Company in the Tender Offer will be purchased at the same price.
The Tender Offer is not conditioned upon any minimum number of Shares being tendered. The Tender Offer is, however, subject to the satisfaction of certain conditions. Specific instructions and a complete explanation of the terms and conditions of the Tender Offer is contained in the Offer to Purchase, dated
July 1, 2013, the letter of transmittal and the related materials and the Schedule TO-I which has been filed with the Securities and Exchange Commission.
The Company has retained Wells Fargo Securities, LLC as the dealer manager for the Tender Offer and Georgeson Inc. as the information agent. Questions and requests for assistance may be directed to Wells Fargo Securities, LLC at (877) 450-7515 or to Georgeson Inc. at (800) 676-0098.