CONT'L MATERIALS <CUO> ENDS CONSIDERATION OF BID Continental Materials Corp said its directors decided not to give further consideration to "business combination" proposed by a stockholder group that holds 5.2 pct of Continental Materials stock. Continental Materials said the offer had been received from Continental Associates, a group of St. Louis businessmen. According to Continental Materials, the group said May 11 it might boost its stake in Continental Materials. But the group also said in a letter last week to the company that the group had no financing. The board "did not consider it an official offer," a Continental Materials spokeswoman said.