Brown-Forman rejects Sazerac's $15 bn takeover proposal

Brown-Forman Corporation’s board announced that it has received an unsolicited acquisition proposal from Sazerac Company valued at about $15 billion. The offer, disclosed in a letter to the Brown family controlling shareholders, proposed $32 per share for both voting Class A and non‑voting Class B shares and included a dividend premium.

Wolf Pen Branch, LLP – a holding entity for the Brown family’s majority Class A shares – issued a statement saying the bid does not align with the family's vision for the company’s future. Brown‑Forman’s chairman Marshall B. Farrer affirmed confidence in the firm’s strategic plan and long‑term growth, and the board concluded that the proposal is not actionable. Sazerac’s executives Mark Brown and Jake Wenz indicated willingness to improve terms, but both companies declined to comment further.