Pennwalt Corp. rejected a $765-million takeover offer...

Pennwalt Corp. rejected a $765-million takeover offer made earlier this month by New York investment partnership Centaur Partners and ordered its counsel to begin a lawsuit charging securities violations by the unwanted suitor. The Philadelphia-based chemicals, equipment and health products firm said its board decided that the $100-a-share offer by Centaur is “completely unacceptable.”