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One of the two major sugar refineries in Canada has become embroiled in a takeover battle that pits a flamboyant Vancouver billionaire against the president of Balaclava Enterprises. After BC Sugar Refinery Limited had all but sealed up the deal with a $15 per share bid, Balaclava Enterprises has now approached the president of Onex Corporation for assistant in raising the ante. Onex''s president must evaluate the attractiveness of the industry, the company and any possible financing alternatives in order to calculate the value inherent in the transaction. BC Sugar Refinery Limited''s bid will expire on June 26, 1997. However, due to the fact that a large percentage of the shares had already been tendered to the competing bid, Onex''s decision must be made within the next few days.