	cy cuts conditions on cyclops cyl bid cy corp an investor group bidding for cyclops corp said it amended its outstanding dlrs a share tender offer for cyclops to eliminate two conditions and modify a third one the group which includes audio video affiliates inc and a unit of citicorp cci said it also obtained additional financing commitments including an increased commitment from citicorp capital investors ltd the conditions that were eliminated are cy s request for non public information about cyclops that was previously provided to dixons group plc and cy s being satisified that the information provides an adequate basis for cyclop s published financial projections cyclops has agreed to be uired dixons group which has a dlrs a share tender offer for cyclops outstanding dixons said earlier it would allow the offer to expire tonight the condition that was modified which required cy to be satisfied that break up fees or other obligations to dixons were rescinded or ineffective now says cyclops shall not have paid any such fees or expenses to dixons prior to the consummation of cy s offer cy s amended offer expires midnight new york time on april three unless extended manufacturers hanover trust co and cit group business credit inc increased its tender offer commitment to mln dlrs from mln dlrs and its merger commitment to mln dlrs from mln dlrs additionally the citicorp unit and audio video have increased their commitments to cy to mln dlrs of the new total mln dlrs has been committed by citicorp cy said it estimates that it needs mln dlrs to buy all cyclops shares that may be tendered and pay related fees and expenses it said it is seeking to arrange the balance of about mln dlrs necessary to complete the offer all previously announced conditions regarding the lending group led by manufacturers hanover remain in effect except that the loans are subject to the concurrent receipt by cy of equity contributions and other financing of not less than mln dlrs for the tender offer facility and mln dlrs for the merger facility cy also said the citicorp unit had received no indications of interest in an alternative offer it had made from dixons cyclops or alleghany corp y which has agreed to uire cyclops industrial group from dixons under the alternative offer the citicorp unit with cy s approval proposed to uire the industrial group from dixons reuter 
