STOCKHOLDERS WON'T PURSUE CONTINENTAL <CUO> BID Continental Associates, a group of four shareholders who hold about 5.02 pct of of Continental Materials Corp stock, said it will not pursue a tender offer for all of its shares. The shareholders said they were told that Continental Materials directors had no interest in selling the company. Late yesterday, Continental Materials board said it decided not to give further consideration to a "business combination" proposed by the group of St. Louis businessmen.