Neoax Inc. increased its hostile buyout offer...

Neoax Inc. increased its hostile buyout offer for IU International Corp. to $548 million in cash and extended the expiration date of its offer for the services company to midnight on Feb. 12. Neoax also urged IU International in a letter to get rid of its “poison pill” takeover defense. Neoax, a Stamford, Conn.-based maker of industrial machinery and vehicles formerly known as White Motor Corp., originally offered $17.50 a share for IU on Jan. 6, then raised the offer to $19 before the new offer of $20 a share. Neoax said it has received tenders so far of about 54,000 shares of IU International, a fraction of 1% of the firm’s 27.4 million outstanding shares.