July 26 (Reuters) – Brown-Forman said on Sunday its board had received an unsolicited proposal from Sazerac, but concluded the offer was “not actionable.”
The Jack Daniel’s maker did not disclose the value of the proposal from the U.S. spirits company Sazerac.
Wolf Pen Branch, LP, which represents a majority of Brown-Forman’s Class A shares, said it remains confident in the company’s brands, adding Sazerac’s proposal does not align with its vision for Brown-Forman’s future.
Sazerac did not immediately respond to a request for comment outside regular business hours.
Reuters reported in May that Brown-Forman had rejected a $32-per-share cash takeover offer from Sazerac that valued the company at about $15 billion.
Sazerac emerged as a suitor after Brown-Forman and Pernod Ricard ended merger discussions in late April, having failed to agree on mutually acceptable terms.
Privately owned Sazerac, controlled by the Goldring family, owns more than 500 brands, including Buffalo Trace bourbon and Fireball cinnamon whisky.
(Reporting by Abu Sultan in Bengaluru; Editing by Nia Williams and Chris Reese)
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