Brown-Forman Rejects Sazerac’s $15 Billion Takeover Bid

Beverage giant Brown-Forman – owner of Jack Daniel's and GlenDronach amongst its most prominent brands –  has reportedly rejected Sazerac Inc's (owner of brands such as Buffalo Trace) takeover bid, a development that comes just weeks after parting ways with Pernod Ricard over a potential merger due to valuation.

On Monday, May 11, The Wall Street Journal reported that Brown-Forman’s advisers officially rejected a cash offer from Sazerac, who had offered an above-market bid value of $32 a share. Financed by Wells Fargo and Apollo Global Management, Sazerac’s all-cash bid offered Brown-Forman’s Class A shareholders a choice: a direct payout or rolling their equity into the new entity. 

A combined Brown-Forman/Sazerac entity would control roughly 30% of the American whiskey market – with Sazerac currently generating over $6 billion in annual net sales and Brown-Forman approximately $4 billion.

Despite being publicly traded, Brown-Forman remains under the voting control of the Brown family. Similarly, Sazerac is a private, family-owned firm which makes its financial performance unknown. Both are headquartered in Louisville, Kentucky.

Brown-Forman reported stagnant sales in the nine months to 31 January 2026 as Canada’s year-long ban on US alcohol significantly impacted its revenue. It will report its fiscal 2026 results (ending April 30) on June 4, with reaffirmed guidance projecting 1% to 3% organic net sales growth.

Neither Brown-Forman nor Sazerac have publicly commented on the reports.

Kanpai!

88 Bamboo Editorial Team