SPECTRA-PHYSICS <SPY> BOARD REJECTS TENDER OFFER Spectra-Physics Inc said its board rejected a 32 dlrs per share unsolicited tender offer for the company's stock from Ciba-Geigy Ltd <CIGZ.Z>, which already holds 18.8 pct of the stock. Spectra-Physics said it also filed a lawsuit in Delaware federal court this morning seeking to enjoin the offer and alleging, among other things, that the offer vilates federal securities laws, certain agreements between Ciba-Geigy and Spectra-Physics, and Ciba-Geigy's fiduciary duties. Spectra-Physics said the two Ciba-Geigy designess to its board were not present at yesterday's special meeting which voted to reject the offer as financially inadequate, unfair and not in the best interests of Spectra-Physics or its stockholders. The company said the board also authorized a special committee of outside directors to take whatever steps it deems necessary to protect the interests of Spectra-Physics and its stockholders and to investigate all alternatives to maximize the value of the stock, including talks with third parties. Spectra-Physics said a letter communicating the board's recommendation and reasons therefore is being mailed to stockholders. It said Robert Bruce, Reliance Group Holdings Inc's <REL> designee on Spectra-Physics' board, resigned his position on May 29. His letter of resignation said the action was to alleviate Ciba-Geigy's stated justification for making the unsolicited offer that it had not contemplated another significant investor having representation on the board when its Spectra-Physics' investment was made.