Brown-Forman (BF), the distiller that makes Jack Daniel's whiskey, has reportedly turned down a $15 billion acquisition bid from rival Sazerac. The Wall Street Journal reported Tuesday that Sazerac's $32 per share all-cash offer was declined earlier this week.
The Brown family controls the majority of Brown-Forman's voting stock, while Sazerac is a privately held family business. Sazerac's bid was backed financially by Wells Fargo & Co. (WFC) and Apollo Global Management (APO). Under the proposal, Brown-Forman Class A shareholders could have chosen to sell their shares for cash or transfer them into the newly formed company.
Neither Brown-Forman nor Sazerac immediately responded to requests for comment.
