Brown-Forman Rejects Sazerac's Takeover Proposal
The board of Brown-Forman (NYSE:BF.A) has dismissed an unsolicited takeover proposal from privately held spirits company Sazerac. The offer, valued at $32 per share and totaling approximately $15 billion, was deemed 'not actionable' by the board. Sazerac had approached in May with a cash bid but has yet to engage in meaningful discussions with Brown-Forman's leadership. The controlling shareholders of Brown-Forman—primarily members of the Brown family through Wolf Pen Branch—have expressed support for the company’s long-term strategy and rejected any alignment with Sazerac. The proposal would have allowed Class A shareholders governance protections, improved liquidity, and a higher dividend than currently offered by Brown-Forman. The rejection follows failed merger talks between Brown-Forman and Pernod Ricard in April.