Staley Continental Inc. rejected as inadequate a...

Staley Continental Inc. rejected as inadequate a $1.33-billion takeover bid from a Tate & Lyle PLC of Great Britain, but indicated that it might entertain a better offer. Tate & Lyle, which made the $32-a-share cash tender offer April 8, declined comment on Staley’s decision but one analyst said he expected the British sugar refiner to increase its bid. Staley, which is based in Rolling Meadows, Ill., is the nation’s second-largest refiner of corn sweeteners, also said it will consider various alternatives for enhancing shareholder value.