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

Brown-Forman, the parent company of Jack Daniel's and Old Forester, has rejected a $15 billion takeover bid from Sazerac, according to The Wall Street Journal. The offer amounted to $32 per share. Brown-Forman is publicly traded but family-controlled, while Sazerac is privately owned. A merger would have combined two major American whiskey producers. Brown-Forman declined to comment beyond its standard statement about evaluating strategic opportunities. Sazerac has recently expanded into other spirits sectors, including partnerships with 818 Tequila (backed by Kendall Jenner) and Sipmargs, a tequila RTD brand. Brown-Forman will release its fourth-quarter financial results on June 4.