CALNY <CLNY> REJECTS PEPSICO ACQUISITION OFFER
Calny Inc said its board
rejected as inadequate the unsolicited offer by PepsiCo Inc
<PEP> subsidiary Taco Bell Corp for all Calny's outstanding
common stock at 11.50 dlrs cash per share.
    Taco Bell recently acquired 9.9 pct of Calny's outstanding
stock, Calny said.
    Calny said it retained Oppenheimer and Co Inc to consider
various financial and strategic alternatives available to the
company.
 Reuter
