The founding family of Brown-Forman has turned down an “unsolicited proposal” from Sazerac Co to acquire the business.
The approach, which was confirmed by the Jack Daniel’s owner late on Sunday (26 July), prompted Brown-Forman to release a statement in which Wolf Pen Branch, a “collection of Brown family members representing the majority of Brown-Forman Class A shares”, stated its current opposition to a sale. The group’s board subsequently agreed not to proceed, although financial – or indeed any – details of the offer were not disclosed.
The development is the latest in a colourful 2026 so far for Brown-Forman. Having jointly announced in late March that formal negotiations had commenced with Pernod Ricard regarding a possible “merger of equals”, speculation broke two weeks later that Sazerac had tabled a competing bid to acquire outright control. No formal confirmation from either party was forthcoming on the speculation.
At the end of April, the discussions with Pernod Ricard were concluded with no further action, followed earlier this month by the notification by CEO Lawson Whiting of his intention to retire after nearly 30 years with the group, the last seven of which have been as its lead executive.
Returning to Sazerac’s bid over the weekend, Brown-Forman chair Marshall Farrer said: “The company remains focused on executing its strategic plan, including expanding its geographic footprint, building brands that resonate with consumers, and enhancing operational efficiency, while continuing to explore additional opportunities to create sustained value for all shareholders.
“We are excited about what lies ahead, including the next chapter of leadership.”
A spokesperson for Wolf Pen Brand added: “As fourth-, fifth- and sixth-generation shareholders of Brown-Forman, we care deeply about the company … . We are confident in the strength and competitive position of the business, and believe the company is well-positioned to deliver long-term value for all shareholders.
“We have concluded that Sazerac’s proposal does not align with this vision for Brown-Forman’s future.”
Privately-owned Sazerac has been invited to comment further by Global Drinks Intel.
