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According to a report by Reuters, Brown-Forman has rejected a $15 billion takeover offer from privately owned spirits producer Sazerac, despite the proposed bid valuing the Jack Daniel’s maker above its current market price.

Reuters, citing a source familiar with the matter, reported that Sazerac submitted a cash offer of $32 per share in April, backed financially by Wells Fargo and Apollo Global Management. The proposal would also have allowed Brown-Forman’s Class A shareholders to either receive cash or roll their shares into the combined business.

Shares in Brown-Forman closed down 1% at $26.56 on Tuesday, remaining well below Sazerac’s offer price.

The reported rejection follows the collapse of separate merger discussions between Brown-Forman and Pernod Ricard, which ended in late April after the companies were unable to agree on terms.

Reuters previously reported that the Brown family, which controls Brown-Forman, preferred a potential deal with Pernod Ricard over Sazerac’s approach. Sources said the family viewed Pernod Ricard – owner of brands including Jameson, Absolut and Malibu – as the more prestigious strategic partner.

The structures of the two proposals also reportedly differed significantly. Pernod Ricard’s proposal was said to be largely stock-based, allowing the Brown family to retain influence in the combined company, while Sazerac’s bid relied more heavily on cash financing and would have resulted in the family relinquishing control.

Sazerac, which owns more than 500 brands including Buffalo Trace and Fireball, generates more than $6 billion in annual net sales, compared with Brown-Forman’s approximately $4 billion.

FoodBev has reached out to both Brown-Forman and Sazerac for comment regarding the report.