CALNY &lt;CLNY> REJECTS PEPSICO ACQUISITION OFFER

  Calny Inc said its board
  rejected as inadequate the unsolicited offer by PepsiCo Inc
  &lt;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.
  

