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News
Brown-Forman quiet over Constellation bid report
Jack Daniel’s producer Brown-Forman has declined to comment on a report stating it has rejected an acquisition offer from fellow US drinks group Constellation Brands.
Brown-Forman produces the Jack Daniel’s family of brands, in addition to Finlandia Vodka and Herradura Tequila
On Tuesday (23 May), CNBC reported that Constellation approached Brown-Forman with an acquisition offer, citing sources close to the matter.
The report also states that Brown-Forman, which is a public company but has a shareholding controlled by fifth generation members of its founding Brown family, rejected the offer.
A spokesperson for Brown-Forman said the Louisville-based group “does not comment on rumours or speculation”, while Constellation Brands has not yet responded to requests for comment.
According to Market Watch, Brown-Forman has a value of US$22.24 billion, while Constellation Brands’s value sits at US$35.53 billion.
Following the news, Brown-Forman’s share price fell more than 6% (by Wednesday morning, 24 May), while Constellation’s share price increased 1.7%.