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.
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