Neoax Inc. launched a $480-million unsolicited bid...

Neoax Inc. launched a $480-million unsolicited bid for IU International Corp. The $17.50-a-share bid by the Philadelphia-based custom vehicle maker and defense contractor is conditioned upon adequate financing and the receipt of enough shares to give Neoax about two-thirds of IU's voting power. IU, a trucking and waste management firm, responded to the bid by advising shareholders not to take action before receiving further information from the company's board. Shares of Wilmington, Del.-based IU rose sharply to $18.25, up $4.25 in afternoon trading.

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