IU International Negotiating to Be Taken Over By Company

IU International, which has struggled for a month to find an alternative to being taken over by Neoax Inc., said Friday it was negotiating a deal to be bought by Neoax for a modestly enhanced $670 million bid.

In efforts to elude a takeover, IU has considered two leveraged buyout plans, a recapitalization with special dividend payouts and the sale of major assets. Neoax most recently had offered $665 million.

The surprise announcement that IU was negotiating with Neoax followed growing doubts that any of the defensive tactics it was considering would work.

One of the plans drew harsh criticism from Neoax, which claimed Thursday that IU was examining a “reckless” plan to sell off major assets and distribute proceeds to shareholders.