18 October, 2006

Canada & Japan: Sapporo Breweries Ltd. came out victorious in its bid to acquire Sleeman Breweries Ltd. in a US$265 million deal

The Sapporo Breweries Ltd. unit of Japan's Sapporo Holdings Ltd. said October 17 it succeeded in its bid to buy up Canadian Sleeman Breweries Ltd., in a deal worth CA$300 million (US$265 million), Reuters communicated October 17.

The two companies said that Sapporo had acquired 95.8 percent of Sleeman stock and would now exercise its right to acquire the remaining shares. The deal is worth CA$400 million including debt.

Sapporo last week received the green light from Canada's Ministry of Industry to go ahead with C$17.50-a share offer for Sleeman, which was the country's third largest brewer with some 7 percent of the Canadian beer market.

The cash offer represented a lofty 50 percent premium over the price of Sleeman shares on May 11, a day before the Guelph, Ontario-based brewer announced it was looking for a buyer. ($1=$1.14 Canadian)

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