CALNY <CLNY> GETS BID FROM PEPSICO <PEP>
Calny Inc said it has
received an offer to be acquired by PepsiCo Inc, which already
owns 9.9 pct of Calny stock, for 11.50 dlrs per share, subject
to approval by PepsiCo and Calny boards and Calny shareholders.
    The company said its board intendsd to schedule a meeting
in the near future to review the proposal and it has asked
<Oppenheimer and Co Inc> to assist it in evaluating the offer
and advise Calny on its alternatives.
    Calny is the largest franchisee of PepsiCo's Taco Bell
restaurants, operating 143 in California, Oregon, Texas and
Washington as well as 15 La Petite Boulangerie bakeries in
Seattle.
    Calny earned 1,192,000 dlrs on sales of 56.2 mln dlrs for
the nine months ended November Four.
    On December Four, Calny rejected as inadequate an investor
group led by former president and chairman Robert A. Larive's
second offer to acquire it because the bid was inadeuqate and
subject to too many contingencies.  The group offered 11.50
dlrs and one dlr of 10 pct preferred stock per Calny share.
 Reuter
