Brown-Forman rejects Sazerac approach

Brown-Forman rejected a $15 billion takeover bid from Sazerac, stating the offer does not align with its vision. Sazerac proposed $32 per share for both voting and nonvoting shares, offered the Brown family equity rollover and board representation, and a higher dividend. The bid disrupted prior merger discussions between Brown-Forman and Pernod-Ricard.