Sleeman Breweries, of course, has had a for sale sign around it since May so this announcement came as no surprise. Only who had an element of surprise to it. Late Friday, the Japanese company Sapporo announced it has offered $17.50 a share in cash, which works out to $400 million (though some reports say $300 million), for the purchase of Sleeman Breweries.

If the sale is approved and completed, the three largest Canadian breweries will be owned by foreign companies. Molson Coors in number one and number two, Labatt’s, is owned by the Belgian company InBev. Sleeman is currently in the number three spot.

John Sleeman, CEO of Sleeman Breweries, holding a bottle of Trois Pistoles from Unibroue, the best brewery in Sleeman’s portfolio.