Cyclops Corp said the threemembers of its board appointed last week by &lt;Dixons Group PLC>
had resigned and that it named three Cyclops executives to
replace them.
    Cyclops said the moves followed the announcement earlier
today by Dixons that it received only 20 pct of Cyclops
outstanding common stock under an extended tender offer that
expired yesterday.
    Dixons initially ended its 90.25 dlr a share tender offer
on March 17 after receiving 54 pct of Cyclops shares.
    However, the Securities and Exchange Commission last Friday
pressed Dixons to reopen the offer because the U.K.-based
company had dropped a condition that at least 80 pct of Cyclops
stock be tendered by the close of the offer.
    Dixons then extended the offer until yesterday and earlier
today indicated that a substantial number of tendered Cyclops
shares had been withdrawn, leaving it with only 852,000 shares,
or just over 20 pct of the roughly 4.26 mln Cyclops shares
outstanding.
    Dixons said today that it purchased the tendered shares,
which, when combined with the shares it already holds, gives it
a 21.7 pct stake in Cyclops.
    Cyclops said its reconstituted board includes the three
newly named directors and five outside directors, all of whom
were on the board prior to Dixons tender offer.
    The three Cyclops directors were replaced by Dixons
appointees on March 17 under an agreement reached between the
two companies.
 Reuter
