Vancouver's Russell Breweries gets takeover offer

Vancouver's Russell Breweriesis the target of a takeover offer from Premier Diversified Holdings Inc., which recently acquired a significant minority stake in the regional beer maker.

Premier says it would exchange one of its common shares for every 2.5 shares of Russell, which is headquartered near Vancouver in Surrey, B.C.

Russell shares closed at six cents per share on the TSX Venture Exchange and Premier's closed at 17 cents on the over-the-counter market.

Premier says it currently owns 16.7 per cent of Russell's outstanding shares and has a lockup agreement for another 2.29 per cent.

It's seeking to buy up to 51 per cent of Russell's shares but doesn't plan to change its business or acquire full ownership.