Brown-Forman board rejects unsolicited Sazerac acquisition bid

Brown-Forman Corporation (NYSE: BF-A, BF-B) said its board of directors has received and rejected an unsolicited acquisition proposal from Sazerac, concluding the offer is "not actionable."

Wolf Pen Branch, LP, a group of Brown family members that holds the majority of Brown-Forman Class A shares, said the proposal does not align with their vision for the company's future. "As fourth-, fifth- and sixth-generation shareholders of Brown-Forman, we care deeply about the company – its brands, its people, and its culture," the group said in a statement. "We have concluded that Sazerac's proposal does not align with this vision for Brown-Forman's future."

Marshall B. Farrer, chairman of Brown-Forman, said the board and leadership team remain focused on executing the company's strategic plan, including geographic expansion, brand building, and operational efficiency. The company is headquartered in Louisville, Kentucky, and its portfolio includes the Jack Daniel's family of brands, Woodford Reserve, and Herradura, among others.

No financial terms of Sazerac's proposal were disclosed. The information is based on a statement issued by Brown-Forman.

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