Shaw named Atex COO; Sysdeco deal advances. (Graham Shaw, Atex acquisition of Sysdeco)

Graham Shaw has been named chief operating officer of Atex as its impending acquisition by Sysdeco of Norway proceeds toward a conclusion, possibly as early as March 15. But a strange sequence of events has turned what looked like a straightforward acquisition into a complex situation that may have some implications on the company's long-term direction.

Very little official news has been released to the public, but Atex indicated that the due-diligence phase had ended, that both boards had approved the acquisition by Sysdeco and that the two companies had until March 15 to get the legal documents in order prior to a final agreement by the shareholders.

During this period, Atex said it would deal exclusively with Sysdeco -- that is, it would not entertain offers from other parties interested in buying the company.

However, other sources, which we believe to be reliable, have provided …