The company said the proposal is “not actionable” and does not align with the vision of its future.
Earlier this year news broke that the spirits giant was in talks with Pernod Ricard, which failed to materialise into a deal.
But reports also claimed that Sazerac has made an approach at the time.
However, Brown‑Forman has revealed a new approach has been made from the American spirits company.
Reports suggest Sazerac tabled an offer worth $32 a share that valued Brown-Forman at around $15bn.
Wolf Pen Branch, LP, a collection of Brown family members representing the majority of Brown‑Forman Class A shares, 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.”
Marshall B. Farrer, Chairman of Brown‑Forman, added: “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.”
Brown-Forman president and chief executive officer Lawson Whiting recently revealed plans to retire, after 30 years at the company. The search for his successor is ongoing.
A potential deal between Brown-Foreman and Sazerac has raised anti-trust concerns as a combination of the two would see them account for 18% of the US market and nearly 40% of American whiskey.
Back in 2017 Constellation Brands made a play for Brown-Forman.
