Brown-Forman Corporation Reportedly Rejects $32-Per-Share Takeover Offer from Sazerac

Published: 2026-05-14 09:21:21 ET BF.B

Published on 05/14/2026 at 09:21 am EDT

Brown-Forman Corporation (NYSE:BF.B) has rejected a $32-per-share cash takeover offer from U.S. spirits maker Sazerac (Sazerac Company, Inc.), according to a source familiar with the matter, weeks after talks between the Jack Daniel's maker and France's Pernod Ricard fell apart. Privately owned Sazerac emerged as a suitor for Brown-Forman last month, after Brown-Forman and Pernod disclosed talks over a possible merger. Those talks ended in late April after the companies failed to reach mutually acceptable terms. Sazerac, which owns more than 500 brands, including Buffalo Trace whiskey and Fireball, and is controlled by the Goldring family, had submitted a $15 billion offer for Brown-Forman in April.

The offer was financially backed by Wells Fargo and Apollo Global Management and would have given Brown-Forman?s Class A shareholders the option to take cash or roll their shares into the new company, the source added. Sazerac and Brown-Forman declined to comment. The Wall Street Journal first reported the development.

The rejection of the Sazerac offer comes at a time when the spirits industry is grappling with a prolonged slump, as declining alcohol consumption has squeezed volumes across the sector. Multiples for consumer goods companies have fallen sharply, and dealmakers increasingly see scale as the answer, bankers and analysts have said. The Brown family, which controls Brown-Forman, favored a potential sale to Pernod over Sazerac?s rival proposal, a source familiar with the matter told Reuters last month.

The family viewed Pernod as the more prestigious acquirer, with a portfolio of stronger and more recognizable brands, the source added.