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Business
Chris Markoch

Why Brown-Forman Rejected a 23% Premium Twice

Brown BrownForman Sazerac BFB Jack Daniel United States

In May 2026, Sazerac, which is a privately owned spirits company, presented Brown-Forman Corp. (NYSE: BF.B) with a $15 billion all-cash offer that would value Brown-Forman at approximately $32 per share. Brown-Forman's board rejected it.

But Sazerac wasn’t done. In July, the company went directly to Class A shareholders with a renewed proposal. By late July, that was rejected, too.

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