NEOAX will acquire IU International, a distributor...

NEOAX will acquire IU International, a distributor of food-service supplies, for nearly $700 million in cash. The agreement calls for NEOAX, a Stamford, Conn., maker of industrial gears and spare parts whose stock trades over the counter, to buy 30 million additional shares of IU, a Wilmington, Del., firm that is listed on the New York Stock Exchange, for $22.25 each. Under an outstanding tender offer, NEOAX already has acquired 1.2 million IU shares for $22 a share. IU’s directors unanimously approved the merger and urged shareholders to tender their shares before a March 21 deadline.