Staley Continental reported that its board rejected...

Staley Continental reported that its board rejected a sweetened $1.42-billion takeover bid from British sugar producer Tate & Lyle PLC and may consider other offers. Staley Chairman Donald E. Nordlund said the Rolling Meadows, Ill.-based company “is continuing discussions with certain third parties and expects to enter into negotiations.” In its statement, Staley said its financial advisers--First Boston Corp. and Merrill Lynch Capital Markets--had concluded that the revised Tate offer was “inadequate.” Staley is the nation’s second-largest refiner of corn sweeteners.