DIXONS HAS 56 PCT OF CYCLOPS CORP
Dixons Group Plc <DXNS.L> said its
tender offer for all of the common shares in <Cyclops Corp> of
the U.S. Expired at midnight yesterday and that it had accepted
approximately 2.3 mln shares in the company at 90.25 dlrs each.
    This represents just over 54 pct of the outstanding shares
on a fully diluted basis. But including shares already owned,
Dixons now holds a total of 56 pct of the fully diluted
outstanding shares.
    The company said it is now entitled to subscribe for all
the authorised but unissued and unreserved shares of common
stock of Cyclops, which total some 5.4 mln shares, at 90.25
dlrs each.
    Dixons said it has waived its condition that 80 pct of the
fully diluted outstanding shares be validly tendered and not
withdrawn.
    Dixons launched the agreed 384 mln dlr offer on February 17
this year in the wake of its unsuccessful battle to take over
the U.K. Retail store chain Woolworth Holdings Plc <WLUK.L>.
    Dixons shares were last quoted at 390p, up on last night's
close of 380p.
    On Friday, <CYACQ Corp>, an investor group formed by
Audio/Video Affiliates Inc <AVA> and Citicorp <CCI>, said it
would increase the price it was offering for all Cyclops shares
to 92.50 dlrs from 80.00 dlrs each if Cyclops would provide it
with confidential information given to Dixons and if it were
satisfied that any rights Dixon might have to recover fees or
expenses from Dixons or to buy Cyclops stock would be rescinded
or proved invalid.
    Audio/Video's offer is scheduled to expire March 20.
 Reuter
