DIXONS GROUP, AUDIO/VIDEO <AVA> END LITIGATION
Dixons Group PLC said that pursuant to
an agreement with Audio/Video Affiliates Inc, part of an
investor group that made a rival bid for Cyclops Corp <CYL>,
all litigation between them has been dismissed.
    As part of the agreement, Dixons said Cyacq Corp, the
Audio/Video investor group that includes Citicorp Capital
Investors Ltd, agreed to "promptly" terminate its existing
tender offer for all outstanding Cyclops common at 92.50 dlrs
per share.
    Dixons said it agreed to pay an additional 4.75 dlrs per
share, or 95 dlrs per share, to each shareholder whose shares
were purchased under its offer for Cyclops at 90.25 dlrs per
share.
    On Friday, Dixons announced that it had increased its
holdings in Cyclops Corp to about 83 pct of the currently
outstanding shares and that it intended to increase to 95 dlrs
from 90.25 dlrs the amount per share paid in the merger of a
Dixons subsidiary with Cyclops.
 Reuter
