LOUISVILLE, Ky. (WDRB) — Brown-Forman rejected an unsolicited takeover bid from Sazerac on Sunday.
Back in May, Brown-Forman rejected Sazerac's $15 billion takeover bid.
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.
Brown-Forman said Sunday that they "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."
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.
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