Labatt announces plans to buy Ontario's Lakeport Brewing Income Fund: Knowledge Driven Revolution

Canada's largest beer-maker Labatt Brewing Company Ltd. said Thursday it plans to take over Ontario's Lakeport Brewing Income Fund (TSX:TFR.UN).

Labatt said it will be acquiring all of Lakeport's outstanding shares for C$28 per unit in cash. The deal would be worth just over $201.4 million.

"Lakeport has had great success growing their brands in the value segment of the highly competitive Ontario beer market and we look forward to building on Lakeport's success in this area," said Miguel Patricio, the president of Labatt's North American operations.

"This announcement demonstrates our commitment to growing Labatt in Canada and ensuring that our consumers have as much choice as possible across all beer segments."

Lakeport's board of trustees has recommended unanimously that unit holders accept the offer.

"Labatt's offer represents exceptional value for unitholders and a substantial premium to the recent trading price of our units. Further, we are pleased to have a company of Labatt's global stature and experience recognize the quality and value of Lakeport," said Teresa Cascioli, Lakeport's chair and CEO.

"We are confident that Labatt has the financial resources to continue to grow the Lakeport brands. The Board and I, as a significant unitholder, believe this is in the best interests of our investors, employees and customers." .

Lakeport's units closed at $20.37 on the Toronto Stock Exchange Wednesday.

Both companies say they hope the transaction will be completed in the spring.

Labatt was founded in London, Ont. in 1847 and brews more than 60 brands. Lakeport, based in Hamilton, Ont., produces nine beer brands and employs 200 people.

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