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B-class shares of Brown-Forman (BF.B) leapt into green territory on Wednesday, gaining 2%, following reports that Sazerac has offered to buy the company for around $15 billion.
According to a report from The Wall Street Journal, citing people familiar with the matter, Sazerac offered Brown-Forman $32 a share.
WSJ reported last week that Sazerac approached the Jack Daniel’s maker for a potential deal. Last month, the paper also reported that Brown-Forman is discussing a mostly-stock deal with French spirits-maker Pernod Ricard.
Brown-Forman confirmed the talks and said that the deal would be akin to a “merger of equals,” while also adding that the parties have not yet agreed on the terms.
Sazerac is a family-owned American distiller known for producing a wide range of spirits. Its brands include Buffalo Trace bourbon, and Fireball Cinnamon Whisky. Like Brown-Forman, it is also headquartered in Louisville.
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