Brown-Forman Rejects Sazerac's Unsolicited Proposal

(RTTNews) - Brown-Forman Corporation (BF-B), a manufacturer of alcoholic beverages, Monday announced that it considers the unsolicited proposal it has received from Sazerac, a privately held American alcoholic beverage maker, to acquire Brown-Forman as non-actionable.

Brown-Forman arrived at this decision by considering Wolf Pen Branch, LP's view, a collection of Brown family members representing the majority of Brown-Forman Class A shares.

"As fourth-, fifth- and sixth-generation shareholders of Brown-Forman, we care deeply about the company - its brands, its people, and its culture. We are confident in the strength and competitive position of the business, and believe the company is well-positioned to deliver long-term value for all shareholders. We have concluded that Sazerac's proposal does not align with this vision for Brown-Forman's future.", commented Wolf Pen Branch, LP.

On Friday, shares of the company closed at $26.08, up 1.48% on the New York Stock Exchange.