Brown-Forman’s board dismissed Sazerac’s latest unsolicited bid, citing misalignment with long-term shareholder value goals.
Brown-Forman has rejected a renewed takeover proposal from Sazerac, declining to disclose the terms of the latest offer. The board described the bid as “not actionable” after reviewing it on July 26, despite Sazerac’s prior $15bn offer in April at $32 per share, which was also rebuffed.
The Jack Daniel’s owner previously turned down Sazerac’s April bid, with majority Class A shareholders opposing the deal. Family members stated the proposal failed to support Brown-Forman’s strategy for sustained growth, including geographic expansion and brand development.
Analysts suggested the latest offer may have been timed with Brown-Forman’s CEO succession announcement. The company reiterated its focus on executing its strategic plan to drive long-term value.