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CitiCorp Capital Investors Ltd, part of the Cyacq – that clearly just stands for Cyclops acquisition – consortium bidding against Dixons Group Plc for the Pittsburgh electronic retailer, is only really interested in the industrial interests of Cyclops that Dixons had agreed to sell to the MSL unit of Alleghany Corp. Now CitiCorp is proposing that Dixons up its $90.25 tender offer to $93.25 – topping the Cyacq bid – on the promise that CitiCorp will then pay $12.8m more for the industrial side than MSL had agreed. Dixons, however reckons it now has a moral obligation to sell the unit to MSL.

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CBR Staff Writer

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