White Consolidated Industries said its board rejected a $700-million takeover bid from AB Electrolux of Sweden as inadequate and not in the best interests of its stockholders . . . In a filing with the Securities and Exchange Commission, Texas Air Corp. reported that it owns 32.5 million common shares of Eastern Airlines, or about 39.7% of the Miami-based carrier . . Sperry Corp., New York, said its board of directors has authorized the repurchase from time to time of up to 2 million shares of its common stock . . . The Investment Company Institute reported that the assets of the nation's 362 money market mutual funds rose $1.02 billion in the week ended March 5.