Report: Rival company approaches Louisville's Brown-Forman with - WDRB 41 Louisville News

Report: Rival company approaches Louisville's Brown-Forman with takeover interest

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Brown-Forman's headquarters on Dixie Highway in Louisville Brown-Forman's headquarters on Dixie Highway in Louisville

LOUISVILLE, Ky. (WDRB) --  Louisville-based Brown-Forman Corp. has been approached by rival Constellation Brands about a takeover, but the Brown-Forman told its rival that it isn’t interested in selling, CNBC reported Tuesday, citing anonymous sources.

Constellation Brands, the maker of Corona beer, remains interested in Brown-Forman, according to CNBC.

“We don’t comment on market rumors or speculation,” Brown-Forman spokesman Phil Lynch told WDRB.

Brown-Forman is controlled by the Brown family of Louisville, who own a majority of the company’s Class A voting shares. George Garvin Brown founded the company in 1870.

The company is worth over $20 billion, based on its stock price.

Brown-Forman’s Class B common shares shot up and then fell back on Tuesday amid takeover rumors.

Reach reporter Chris Otts at 502-585-0822, cotts@wdrb.com, on Twitter or on Facebook. Copyright 2017 WDRB News. All rights reserved.

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