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Brown-Forman Rejects Sazerac’s Unsolicited Takeover Bid
The board said the unsolicited offer was not actionable after reviewing the Brown family group’s view, which said Brown-Forman is well-positioned for long-term value.
- On Sunday, July 26, Brown-Forman Corporation's Board of Directors rejected an unsolicited acquisition proposal from Sazerac, concluding the offer was "not actionable."
- Sazerac had previously approached the spirits giant in May with a $15 billion bid, which Brown-Forman also rejected, according to company reports.
- Wolf Pen Branch, LP, representing the majority of Brown-Forman's Class A shares, stated the proposal does not align with their "vision for Brown-Forman's future."
- Sazerac Executive Chairman Mark Brown and CEO Jake Wenz wrote in Friday's letter they stand "ready to improve the terms" should the board engage.
- Chairman Marshall B. Farrer said Brown-Forman remains "focused" on executing its strategic plan to expand geographic footprint and deliver long-term shareholder value.
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Brown-Forman rejects Sazerac's acquisition proposal
Brown-Forman rejects Sazerac’s unsolicited proposal to acquire the company. 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 we…
Coverage Details
Total News Sources14
Leaning Left2Leaning Right0Center9Last UpdatedBias Distribution82% Center
Bias Distribution
- 82% of the sources are Center
82% Center
L 18%
C 82%
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