Brown-Forman Corporation·Consumer Defensive

Jack Daniel's maker Brown-Forman has rejected the roughly $15 billion takeover offer from rival Sazerac, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Advisers for Brown-Forman informed Sazerac on Monday that the company was rejecting the $32-a-share cash offer.

The deal between Brown-Forman and Pernod Ricard is off the table, but that is not the end of it. Another bidder has recently stepped in, and the chances of some form of a deal remain. The issue around a target price as Brown-Forman trades at record-low levels is likely to be the cause of Pernod Ricard walking away.

Brown-Forman, the maker of Jack Daniels, and Pernod Ricard fail to reach mutually agreeable merger terms.

LOUISVILLE, Ky.--(BUSINESS WIRE)--Brown-Forman Corporation (NYSE: BFA, BFB) today announced the strategic realignment of its U.S. control states distribution network. Following a comprehensive review of its distributor agreements across 18 state-managed markets—where government agencies oversee the wholesale or retail distribution of distilled spirits—the company has selected four distributor organizations to represent its portfolio in 11 markets. The remaining seven control states will continu.

Pre-Market Stock Futures: Futures are trading modestly higher as we hit the midweek mark, and some buyers' exhaustion likely played a role, as all the major indices finished lower on Tuesday. This comes after both the Nasdaq and the S&P 500 hit all-time highs once again earlier this week. The combination of mixed earnings, some... Here Are Wednesday's Top Wall Street Analyst Research Calls: Alibaba, Boston Scientific, Brown-Forman, Charter Communications, Franklin Resources, Spotify, T-Mobile, and More
Brown-Forman Corporation, together with its subsidiaries, manufactures, distills, bottles, imports, exports, markets, and sells various alcoholic beverages. It provides spirits, wines, whiskey spirits, whiskey-based flavored liqueurs, ready-to-drink and ready-to-pour products, ready-to-drink cocktails, vodkas, tequilas, champagnes, brandy, bourbons, and liqueurs. The company offers its products primarily under the Jack Daniel's, Reserve, Old Forester, Coopers' Craft, Herradura, el Jimador, New Mix, Korbel Champagnes, Sonoma-Cutrer, Finlandia, GlenDronach, Benriach, Glenglassaugh, Chambord, Slane, and Fords Gin brands. It is also involved in the sale of used barrels, bulk whiskey, and wine; and provision of contract bottling services. The company serves retail customers and consumers through distributors or state governments; and retailers, wholesalers, and provincial governments directly. It has operations in the United States, Germany, Australia, the United Kingdom, Mexico, and internationally. The company was founded in 1870 and is headquartered in Louisville, Kentucky.
Consumer Defensive
Beverages - Wineries & Distilleries
5,700
1980-03-17
0.35