Brown-Forman, the company behind Jack Daniel’s, announced that its board has rejected an unsolicited proposal from Sazerac, a U.S. spirits company.
The proposal’s value was not disclosed. However, in May, Reuters reported that Brown-Forman had rejected a $32-per-share cash takeover offer from Sazerac, valuing the company at about $15 billion.
Wolf Pen Branch, LP, which represents a majority of Brown-Forman’s Class A shares, expressed confidence in the company’s brands and stated that Sazerac’s proposal does not align with its vision for Brown-Forman’s future.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
