CYCLOPS &lt;CYL> SAYS DIXONS AGREEMENTS BINDING

  Cyclops Corp said that as it has
  already stated, its agreements with &lt;Dixons Group PLC> are
  binding and Dixons will not rescind or waive any provisions of
  the agreements.
      The company said its agreement to merge into Dixons does
  not permit it to provide nonpublic information to &lt;CYACQ>,
  which is making a competing offer for Cyclops, that had been
  provided to Dixons.
      It said other provisions Dixons will not waive include its
  rights to recover breakup fees or expenses from Cyclops or buy
  Cyclops common shares from Cyclops.
      Cyclops noted that Dixons' waiver of rights to breakup fees
  or the purchase of common stock directly from Cyclops and the
  provision of nonpublic information to CYACQ are conditions to
  CYACQ's increased 92.50 dlr per share offer to acquire Cyclops
  shares.
      Dixons is tendering for Cyclops shares at 90.25 dlrs a
  share.  Yesterday Citicorp &lt;CCI>, with Audio/Video Affiliates
  Inc &lt;AVA> an owner of CYACQ, said it had offered to acquire
  from Dixons after the merger of Cyclops into Dixons Cyclops'
  industrial businesses for 12.8 mln dlrs more than Alleghany
  Corp &lt;Y> is currently scheduled to pay for them.
      Citicorp said yesterday that its proposal would allow
  Dixons to raise its tender price to 93.25 dlrs per share. 
  Citicorp said if Dixons accepted the proposal, CYACQ would
  terminate its competing offer for Cyclops.
  

