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Brown-Forman has today (27 July 2026) shared a statement revealing that its board of directors has turned down an unsolicited takeover bid from fellow spirits group Sazerac.

Jack Daniel’s whiskey owner Brown-Forman said that the proposal from Sazerac is ‘not actionable.’ Sazerac reportedly submitted a cash offer of $32 per share, valuing Brown-Forman at $15 billion.

Wolf Pen Branch, a collection of Brown family members representing the majority of Brown-Forman Class A shares, backed the board’s rejection of the offer. In a statement, they said: “As fourth-, fifth- and sixth-generation shareholders of Brown-Forman, we care deeply about the company – its brands, its people and its culture”.

“We are confident in the strength and competitive position of the business, and believe the company is well-positioned to deliver long-term value for all shareholders. We have concluded that Sazerac’s proposal does not align with this vision for Brown-Forman’s future.”

The latest development follows months of speculation over a potential takeover of Brown-Forman, with Sazerac reported to have put forward its first offer back in the spring.

Sazerac – headquartered in Louisiana, US, with a portfolio of brands that includes Sazerac De Forge, Sazerac Rye, Buffalo Trace and Wheatley Vodka – was not the only interested bidder.

In March, Kentucky-headquartered Brown-Forman confirmed it was in talks with premium spirits group Pernod Ricard regarding a potential merger. If a deal went ahead, the Jack Daniel’s and Woodford Reserve whiskey brands would have been brought under the same ownership as Pernod Ricard’s Chivas Regal Scotch whisky and Absolut vodka.

While both companies said there was potential for “significant” operational synergies, the discussions ended in late April after the two companies were unable to agree on the terms.

According to reporting from Reuters, citing its sources familiar with the discussions, the Brown family – which controls Brown-Forman – favoured Pernod Ricard’s approach over Sazerac’s. Despite this, a deal was not agreed upon.

Marshall B Farrer, chairman of Brown-Forman, said: “The company remains focused on executing its strategic plan, including expanding its geographic footprint, building brands that resonate with consumers and enhancing operational efficiency, while continuing to explore additional opportunities to create sustained value for all shareholders. We are excited about what lies ahead, including the next chapter of leadership.”