	investors to raise cyclops cyl tender price cy corp an investor group bidding for cyclops corp said it would raise its outstanding tender offer price for cyclops common to dlrs a share from dlrs if certain conditions were met the increased offer would exceed the dlrs a share price offered by dixons group plc in a tender offer for cyclops that is part of a definitive agreement to uire the pittsburgh based maker of carbon tool and specialty steel products cy includes audio video affiliates inc and citicorp capital investors ltd and other investors cyclops has about mln shares outstanding for the tender price to be raised cyclops must provide cy with all non public information provided to dixons group and cy must be satisfied with financial projections made in offering material by dixons based on the information cy said additionally dixon group s rights to buy cyclops common and its rights to fees or expenses if the dixon cyclop merger agreement is broken must be rescinded cy said cy said financial projections it developed for cyclops were materially lower than the financial projections provided by cyclops to dixons group a cyclops spokeswoman said the company had no details of the new cy proposal and could not comment we have nothing in hand she said in addition to making specialty metal products cyclops also operates about specialty stores that sell consumer electronics products the stores are located in states concentrated in the northeast northwest and southwest cyclops employs about people in pennsylvania ohio and other states it also has interests in non residential construction in cyclops earned mln dlrs or dlrs a share on sales of billion dlrs compared to earnings of mln dlrs or dlrs on sales of billion the spokeswoman said the agreement with dixons group calls for cyclops s steel and construction businesses to be sold to a unit of alleghany corp y for about mln dlrs once the merger is completed a cy spokesman said the new conditional tender price would be all cash he had no comment on whether cy plans to withdraw its current offer which is scheduled to expire midnight on march six dixon group s offer extends to march reuter 
