Labatt Brewing Co. has snapped up over 91% of Lakeport Brewing after unitholders of the Canadian discount beer maker accepted Labatt's offer.

The InBev subsidiary was given the go-ahead to buy up the trust units in Lakeport after Canada's competition authorities approved the takeover late on Wednesday (28 March).

Canada's Competition Tribunal turned down a request from the country's Competition Commissioner for more time to review the acquisition of Lakeport, which was first announced in February.

Following that approval, Labatt moved to buy all of the trust units in Lakeport, which equates to some 91.43% of the brewer. Labatt will move to secure the "compulsory acquisition" of the non-tendered units in Lakeport, InBev said today.

In February, Labatt and Lakeport agreed a deal worth C$201.4m (US$173.7m).

Based in Ontario, Lakeport's beer brands include Lakeport Honey Lager and Lakeport Pilsener.

The brewer has been successful in the province in recent years through its strategy of price discounting. In May, last year, Lakeport announced that it would sell its flagship brands at 1992 beer prices throughout the summer.