LOUISVILLE, Ky. — Louisville-based Brown-Forman Corp. has rejected an unsolicited acquisition proposal from fellow spirits company Sazerac, with both the company’s board and its controlling family shareholders reaffirming their commitment to the company’s long-term independent strategy.
Brown-Forman (NYSE: BFA, BFB) announced that its Board of Directors reviewed Sazerac’s proposal and, after considering the position of Wolf Pen Branch, LP—a group of Brown family members representing the majority of the company’s Class A voting shares—determined that the proposal was “not actionable.”
The decision effectively ends speculation that one of Kentucky’s largest publicly traded companies could become part of another major spirits producer.
“As fourth-, fifth- and sixth-generation shareholders of Brown-Forman, we care deeply about the company—its brands, its people, and its culture,” Wolf Pen Branch, LP said in a statement. “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.”
The Brown family has maintained voting control of the company through its dual-class share structure, giving the family significant influence over major corporate decisions despite Brown-Forman being publicly traded.
Brown-Forman Chairman Marshall B. Farrer said the board remains focused on executing the company’s long-term strategic plan rather than pursuing a sale.
“Brown-Forman’s Board and leadership team are confident that the company will continue to deliver long-term growth and shareholder value,” 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.”
Farrer also pointed to what he described as “the next chapter of leadership,” signaling confidence in the company’s succession planning as it continues to invest in future growth.
Headquartered in Louisville, Brown-Forman has been a fixture of Kentucky’s bourbon industry for more than 155 years. The company owns some of the world’s most recognizable premium spirits brands, including Jack Daniel’s, Woodford Reserve, Old Forester, and Slane Irish Whiskey, along with tequila, rum, gin, Scotch whisky, and liqueur brands sold in more than 170 countries.
