Brown-Forman rejects Sazerac bid

Brown-Forman, the producer of Jack Daniel's whiskey, has rejected a fresh unsolicited takeover proposal from privately owned spirits group Sazerac Company. The board concluded the offer was 'not actionable.' Sazerac Company had previously made a $32-per-share cash offer in May, valuing the company at about $15 billion, which was also rejected. United States — Wolf Pen Branch, representing a majority of Brown-Forman's Class A shares controlled by the Brown family, opposed the proposal, reaffirming confidence in the company's long-term strategy. The rejection follows the collapse of merger discussions between Brown-Forman and Pernod Ricard in late April. Brown-Forman also announced that CEO Lawson Whiting will retire once a successor is appointed, and reaffirmed its fiscal 2027 guidance of flat net sales and a 3-5% decline in organic operating income.