In the midst of the battle, Kash Investments, a holding company which has a 41.7% stake in Atlantic, has been acquired by Robert Atkinson, president and chief executive of Toronto-based Loewen Ondaatje McCutcheon and Co.
Until the purchase was announced, Kash was owned by New Brunswick drilling contractor Ronald Goguen, who acquired a 19.7% stake in Atlantic less than two months ago. Immediately after Kash emerged with a controlling stake in Atlantic, the latter company announced that a planned merger with Jasca n was off.
Since then, Atlantic has raised its stake in Jascan to 39.6% while Jascan announced a bid for 4.7 million of Atlantic’s 11.6 million outstanding shares. Jascan already holds a 5.9% stake in Atlantic.
But the two companies have asked the Toronto Stock Exchange to defer its decision on whether to allow the bid to proceed.
Spokesmen for Jascan and Atlantic have refused to speculate on the outcome of discussions, but sources who declined to be identified say Atkinson will attempt to win control of Jascan through Kash.
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