	spectra physics spy board rejects tender offer spectra physics inc said its board rejected a dlrs per share unsolicited tender offer for the company s stock from ciba geigy ltd cigz z which already holds pct of the stock spectra physics said it also filed a lawsuit in delaware federal court this morning seeking to enjoin the offer and alleging among other things that the offer vilates federal securities laws certain agreements between ciba geigy and spectra physics and ciba geigy s fiduciary duties spectra physics said the two ciba geigy designess to its board were not present at yesterday s special meeting which voted to reject the offer as financially inadequate unfair and not in the best interests of spectra physics or its stockholders the company said the board also authorized a special committee of outside directors to take whatever steps it deems necessary to protect the interests of spectra physics and its stockholders and to investigate all alternatives to maximize the value of the stock including talks with third parties spectra physics said a letter communicating the board s recommendation and reasons therefore is being mailed to stockholders it said robert bruce reliance group holdings inc s rel designee on spectra physics board resigned his position on may his letter of resignation said the action was to alleviate ciba geigy s stated justification for making the unsolicited offer that it had not contemplated another significant investor having representation on the board when its spectra physics investment was made reuter 
