Key facts
- Brown-Forman's board has deemed an unsolicited takeover proposal from Sazerac as "not actionable."
- Wolf Pen Branch, representing a majority of Brown-Forman's Class A shares, remains confident in the company's brands and future.
- Sazerac previously offered approximately $15 billion, or $32 per share, for Brown-Forman, which was rejected in May.
- Sazerac is a U.S. spirits company that owns over 500 brands.
Brown-Forman announced on Sunday that its board of directors has received and rejected an unsolicited takeover proposal from Sazerac, a U.S. spirits company. The board concluded that the offer was "not actionable."
Wolf Pen Branch, LP, which holds a majority of Brown-Forman's Class A shares, stated its continued confidence in the company's brands and indicated that Sazerac's proposal does not align with its vision for the company's future.