Brown-Forman has rejected a $15-billion takeover offer from Sazerac, according to multiple media reports this week.
The proposed deal reportedly valued Brown-Forman at about $32 per share in cash.
The offer was backed by Wells Fargo and Apollo Global Management. Brown-Forman’s advisers informed Sazerac earlier this week that the company would not pursue the deal.
The rejection follows the collapse of merger discussions between Brown-Forman and Pernod Ricard earlier this spring. Reuters reported that the Brown family, which maintains voting control of Brown-Forman, viewed the Pernod Ricard discussions more favorably because the structure would have allowed the family to retain influence in the combined business.
A combination of Brown-Forman and Sazerac would have created one of the largest American whiskey companies in the industry.
