INVESTORS TO RAISE CYCLOPS <CYL> TENDER PRICE Cyacq Corp, an investor group bidding for Cyclops Corp, said it would raise its outstanding tender offer price for Cyclops common to 92.50 dlrs a share from 80 dlrs, if certain conditions were met. The increased offer would exceed the 90.25 dlrs a share price offered by Dixons Group PLC in a tender offer for Cyclops that is part of a definitive agreement to acquire the Pittsburgh-based maker of carbon tool and specialty steel products. Cyacq includes Audio/Video Affiliates Inc and Citicorp Capital Investors Ltd and other investors. Cyclops has about 4.1 mln shares outstanding. For the tender price to be raised, Cyclops must provide Cyacq with all non-public information provided to Dixons Group and Cyacq must be satisfied with financial projections made in offering material by Dixons based on the information, Cyacq said. Additionally, Dixon Group's rights to buy Cyclops common and its rights to fees or expenses if the Dixon-Cyclop merger agreement is broken must be rescinded, Cyacq said. Cyacq said financial projections it developed for Cyclops were materially lower than the financial projections provided by Cyclops to Dixons Group. A Cyclops spokeswoman said the company had no details of the new Cyacq proposal and could not comment. "We have nothing in hand," she said. In addition to making specialty metal products, Cyclops also operates about 115 specialty stores that sell consumer electronics products. The stores are located in 17 states concentrated in the Northeast, Northwest and Southwest. Cyclops employs about 8,900 people in Pennsylvania, Ohio and other states. It also has interests in non-residential construction. In 1986, Cyclops earned 21.3 mln dlrs or 5.26 dlrs a share on sales of 1.5 billion dlrs, compared to 1985 earnings of 26.2 mln dlrs or 6.20 dlrs on sales of 1.4 billion, the spokeswoman said. The agreement with Dixons Group calls for Cyclops's steel and construction businesses to be sold to a unit of Alleghany Corp <Y> for about 110 mln dlrs once the merger is completed. A Cyacq spokesman said the new conditional tender price would be all cash. He had no comment on whether Cyacq plans to withdraw its current offer, which is scheduled to expire midnight on March six. Dixon Group's offer extends to March 17.