Brown-Forman Rejects Sazerac $15 Billion Purchase Offer
According to a report from the Wall Street Journal, Brown-Forman has rejected a $15 billion purchase offer by Sazerac. Two weeks ago, Brown-Forman and Pernod Ricard terminated discussions for a potential merger, so it’s back to square one for Brown-Forman, the maker of Jack Daniel’s and Woodford Reserve, among other spirits.
Sazerac’s offer came in at $32 per share and was made after the discussions between Brown-Forman and Pernod Ricard became public knowledge. Brown-Forman confirmed the talks with Pernod Ricard in late March.
Sazerac was backed by Wells Fargo and Apollo Global Management, the WSJ report said, and it would have allowed Brown-Forman’s Class A shareholders to take cash or roll their shares into the new company. A separate news report mentioned rumors that Brown-Forman’s merger talks with Pernod Ricard could resume.
About the Author
Andy Hanacek
Senior Editor
Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.