Sherwood Investments offers $7/shr for Trans World Entertainment

Nov 29 (Reuters) - Sherwood Investments Overseas Ltd said it offered $7 per share, or $217 million, for entertainment software retailer Trans World Entertainment Corp (TWMC.O).

The offer represents a premium of 41 percent over the stock's Wednesday close of $4.97. Sherwood said the offer might be increased as result of information obtained from the due diligence process.

Sherwood said it has accumulated about 1.5 million shares of Trans World, representing 4.95 percent of the shares outstanding. (Reporting by Shamik Paul in Bangalore; Editing by Vinu Pilakkott)