Brown-Forman has rejected a second approach from Sazerac

Brown-Forman’s board of directors has rejected a renewed unsolicited takeover proposal from Sazerac, the privately held New Orleans-based spirits company, concluding that the approach was “not actionable.” The board issued a statement on 26 July 2026 after Sazerac sent a letter directly to Brown-Forman’s Class A shareholders – the majority of whom are Brown family members – asking them to reconsider a $32 per share all-cash offer that had been made in May 2026 and rejected at that time. Sazerac also indicated in its letter that it was willing to improve the terms if Brown-Forman’s board engaged on the matter. The Brown family members holding a majority of Class A shares opposed the new proposal, stating the company is “well-positioned to deliver long-term value for all shareholders” and that Sazerac’s latest proposal “does not align” with that vision.