REI Rejects Offer: Recognition Equipment Inc., battling...

REI Rejects Offer: Recognition Equipment Inc., battling federal bid-rigging charges, rejected a $78-million takeover bid by a New York investment firm but said the company is in “preliminary stages of negotiation” with several other suitors. The board of Dallas-based REI said the $11-per-share offer by Prospect Group Inc. was “coercive, inadequate and not in the best interests of the company and its stockholders.”