Exclusive | Sazerac Wants Another Shot at Jack Daniel’s Maker Brown-Forman

Sazerac has sent a letter to Brown-Forman (BF.B) family shareholders asking them to reconsider a previously rejected $15 billion takeover proposal for the Jack Daniel's parent company. The private spirits maker, which owns BuzzBallz and other brands, is making a direct appeal to the Brown family members who control the Louisville-based distiller through a dual-class share structure.

Brown-Forman already turned down the bid, but Sazerac's renewed push signals the acquirer believes the price—which would represent one of the largest spirits deals in years—merits a second look. The company is bypassing management to target the controlling shareholders directly, a tactic that underscores Sazerac's determination to pursue the combination.

The approach comes as Brown-Forman trades with a market capitalization below the proposed offer. The family has historically resisted outside advances, maintaining control of the business for generations. Sazerac's portfolio includes Fireball Cinnamon Whisky and Pappy Van Winkle bourbon, making it a natural strategic fit with Brown-Forman's premium American whiskey stable.