Near the end of March, word started to spread that Brown-Forman, owner of Jack Daniel’s, Woodford Reserve, Old Forester, and other spirits brands, was in talks about a possible takeover by France based Pernod Ricard. On March 26, 2026, the two companies quickly confirmed that discussions were happening but clarified that the talks were more about a merger of equals than an acquisition or takeover.
As time went on, privately owned Sazerac Company, owner of Buffalo Trace Distillery, Fireball, Buzzballz RTDs, and many other spirits brands, also expressed interest in acquiring Brown-Forman.
Sazerac offers $15 Billion for Brown-Forman
Just over a month later on April 28th, Brown-Forman and Pernod Ricard each put out statements that there was no deal and talks had ended. That meant that there was still offer pending from Sazerac. The reported Sazerac deal was valued Brown-Forman at $15 billion. This week, with no official statements from Brown-Forman or Sazerac, the Wall Street Journal is reporting that the Sazerac offer has officially been rejected.
Brown-Forman and Sazerac have taken two very different strategies over the last few years. Brown-Forman has paired down its number of brands while Sazerac has continued to acquire brands. In 1923 one of the first whiskey brands that Brown-Forman acquired was Early Times. In what I would say was a little bit of a surprise, Brown-Forman sold Early Times to Sazerac on July 31, 2020.
Today, Sazerac, a privately held company, says they are owners of more than 500 brands. Sazerac is the owner of Fireball, not a sexy brand but one of the largest revenue generators from the company. Sazerac also acquired RTD maker Buzzballz on May 1, 2024. Again, it doesn’t sound very sexy as compared the things like the Buffalo Trace Antique Collection or their close relationship with the Pappy Van Winkle brand but the high volume, high revenue products make many other things possible.
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Is Brown-Forman Still for Sale? Will Pernod Ricard or Sazerac Counter?
We don’t really know if the Pernod Ricard and Sazerac deals are the end of the story or just the beginning of the story. The strategy could be to reject these two offers until something better comes along. Brown-Forman family members that still control a large chunk of the family business and when it comes down to putting their family legacy on the dotted line, they are not yet ready to give up a controlling interest in a business that has been a part of their heritage since 1870 when George Garvin Brown founded Old Forester..
For now, Brown-Forman will remain a standalone company until Pernod Ricard, Sazerac or a new suitor step in with a sweeter offer.
We’ll continue to watch and share updates for this ongoing story.
Related Stories
– Sazerac Company Expresses Interest in Brown-Forman Merger Talks, B-F Shares Surge Apr 2026
– Sazerac Offers $15 Billion to Purchase Brown-Forman Apr 2026
– Brown-Forman and Pernod Ricard End Merger Talks with No Deal Apr 2026
– Brown-Forman and Pernod Ricard Confirm Talks and Possible Merger of Two Equals Mar 2026
– Is Brown-Forman Up for Sale? Reportedly in Talks with Pernod Ricard [VIDEO] Mar 2026
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