Jack Daniel’s parent company Brown-Forman has rejected an 'unsolicited' buyout offer from rival Sazerac, asserting that the proposal fails to align with its strategic vision.
In a statement released July 26, Brown-Forman confirmed months of speculation that rival Kentucky producer Sazerac had submitted an unsolicited offer to buy the family-controlled spirits giant.
The acknowledgment follows May reports that Brown-Forman turned down Sazerac’s rumored $15 billion bid - a proposal that came just weeks after its potential merger talks with Pernod Ricard fell through.
Sazerac declined to comment.
Brown-Forman has also launched a search for its next CEO following Lawson Whiting’s announcement last month that he will retire after nearly three decades with the company.
Both businesses are based in Louisville, Kentucky, with a major presence in the American whiskey industry.
Brown-Forman owns Jack Daniel’s, alongside Woodford Reserve and Old Forester, while Sazerac is the company behind whiskey distilleries Buffalo Trace, Barton 1792 and A Smith Bowman.
Meanwhile, Sazerac has ramped up its expansion with major investments in high-growth categories like Tequila and RTDs. Most recently in June, a subsidiary connected to the spirits firm agreed to acquire the former Garrard County Distilling facility in Lancaster, Kentucky.
Brown-Forman’s acquisition trail was last active in early 2023 with the purchase of Venezuelan rum brand Diplomático, closely following its acquisition of Gin Mare.
Kanpai!
88 Bamboo Editorial Team
