Phillips-Van Heusen rejected a merger offer. The...

Phillips-Van Heusen rejected a merger offer. The firm’s board called inadequate the $22 per share offered by Rosewood Financial Inc., a Dallas-based investment firm. New York-based Phillips, which makes clothing under brand names that include Van Heusen, Geoffrey Beene and Cricketeer, will study various alternatives through its investment adviser, Shearson Lehman Bros., which will report later this month.