ICAHN DROPS BID FOR TWA <TWA> Trans World Airlines Inc said chairman Carl C. Icahn has withdrawn his proposal to acquire the TWA shares he does not already own due to the deterioration in market conditions. Under the proposal Icahn would have paid for each TWA share 20 dlrs in cash and 25 dlrs face amount of 12 pct subordinated debentures due 2007. TWA said Icahn reserves the right to make a subsequent proposal at some future date on the same terms or different terms.