Brown-Forman's controlling Brown family turned down a $32-per-share all-cash offer from Sazerac, valued at roughly $15 billion including debt, weeks after merger talks with Pernod Ricard collapsed without a deal. The rejection, confirmed by advisers on May 11, leaves Jack Daniel's parent company operating independently as it reported flat fiscal 2026 organic sales and guided for continued pressure in fiscal 2027. Sazerac's offer was backed by Wells Fargo and Apollo Global Management, but the Brown family's 73% voting stake through Class A shares made the decision theirs alone.
Sources: Wall Street Journal (via Brauwelt International); Brown-Forman Investor Relations; Shanken News Daily; Park Street Imports. Compiled with AI assistance and editorially reviewed by Jason Littrell. As of 2026-06-15T00:45:00Z.