Sleeman Breweries has confirmed that its sale to Sapporo is progressing as planned.

The Canadian brewer said late last week that Silver 2501 Canada, an indirect wholly-owned subsidiary of Sapporo, has mailed Sleeman shareholders with the precise details of the takeover.

The circular, which includes the unanimous recommendation of Sleeman's board, sets the takeover offer at US$17.50 per share. The offer will close at 1700, Toronto time on 2 October.

The offer requires that 66 2/3% of Sleeman shareholders vote in favour of the bid, the mailout adds.