Cyclops shareholders rejected a proposed sale.
The proposal called for Cyclops, a Pittsburgh-based conglomerate, to sell its steel and non-residential construction businesses to a management group. Cyclops would have been renamed Silo Inc. and would have continued operating its remaining retail businesses--112 Silo consumer electronics stores and 11 Busy Beaver home improvement centers. It called for the buyers to pay $91 million in cash and to assume $23.7 million of current liabilities as well as $86 million in unfunded pension liabilities. The company said 37.25% of the outstanding shares of common stock were voted against the sale and 29.53% were voted for the sale.