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US Spirits Maker Sazerac Explores Deal with Jack Daniel's Owner, Source Says
The approach comes as Brown-Forman weighs a sale or merger amid slowing sales and competition in the whiskey market, sources said.
- On Thursday, Sazerac approached Louisville-based Brown-Forman regarding a potential deal, the Wall Street Journal reported, citing people familiar with the matter.
- This approach follows Brown-Forman's ongoing merger discussions with Pernod Ricard, as the company explores strategic opportunities amid sluggish sales and a challenging macroeconomic environment.
- Shares of Brown-Forman, which has a market capitalization of over $12 billion, soared 13% in afternoon trading Thursday; Sazerac is the parent company of Buffalo Trace and Fireball.
- While Sazerac declined to comment, Brown-Forman did not immediately respond to requests for comment regarding the potential deal.
- TD Cowen analyst Robert Moskow noted the company's "scarce asset profile" and the strength of its flagship Jack Daniel brand, suggesting other distilled spirits groups may express interest.
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Coverage Details
Total News Sources11
Leaning Left2Leaning Right0Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 33%
C 67%
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