IU International Corp. said its board unanimously...

IU International Corp. said its board unanimously recommended that shareholders reject a $17.50-a-share offer from Neoax Inc., Stamford, Conn. . . . Shearson Lehman Bros. said it arranged for $800 million of financing for the acquisition of E. F. Hutton Group. The funding includes a $600-million senior loan syndicated by Continental Illinois Bank, the brokerage said.