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.