Brown-Forman rejects Sazerac’s $15B takeover bid

LOUISVILLE, Ky. (WDRB) — Brown-Forman rejected Sazerac's $15 billion takeover offer a couple of weeks after a potential merger collapsed.

According to The Wall Street Journal, Brown-Forman formally turned down the offer.

Sazerac wanted to buy the company for $32 per share. A deal would have combined two of the spirits industry's biggest names, both headquartered in Louisville.

Neither Brown-Forman nor Sazerac released a statement about the talks falling through.

Brown-Forman's proposed merger with Pernod Ricard failed last month because of issues related to the deal's structure.

Last year, Brown-Forman announced a corporate restructuring that would cut 12% of its global workforce — about 5,400 people.

The spirits company closed its barrel-making operation in Louisville in April 2025. The closure of the cooperage left 210 workers out of a job. The company said the closure saves about $70 million to $80 million a year.

Brown-Forman, parent company of Old Forester, Woodford Reserve and Jack Daniel's, operates in 170 countries and employs about 5,000 people worldwide. It is based in Louisville and has operated there for 155 years, making it the fifth-largest public company in the city.

This story may be updated.