View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
March 23, 1987

DIXONS REQUIRE TO EXTEND OFFER FOR CYCLOPS AS RIVAL SUITOR RAISES ITS BID

By CBR Staff Writer

Dixons Group Plc is far from home and dry in its acquisition of Pittsburgh, Pennsylvania electrical goods retailer Cyclops Corp after all (CI No 645), and the UK company now faces a nailbiting week or so, having been ordered by the Securities & Exchange Commission to extend its $90.25 a share tender offer until tonight. The order was made because Dixons changed the terms of its tender offer at the last minute, dropping its condition that its offer should be accepted in respect of 80% of the shares outstanding, and reduced its requirement to a simple majority. On Friday, rival suitor Audio/Video Affiliates Inc of Dayton, Ohio, came back through its Cyacq unit with a $92.50 a share offer after Dixons had moved in to take control, and holders who accepted the Dixons offer – in respect of 54% of the shares – are now at liberty to withdraw their acceptances and to take Cyacq’s cash instead.

Topics in this article :
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU