Brown‑Forman Corporation (NYSE: BFA, BFB) announced that its Board of Directors has received an unsolicited proposal from Sazerac to acquire Brown‑Forman, and, taking into consideration Wolf Pen Branch, LP’s view as noted below, has concluded that Sazerac’s proposal is not actionable.

Wolf Pen Branch, LP, a collection of Brown family members representing the majority of Brown‑Forman Class A shares, said in a statement, “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.”

“Brown‑Forman’s Board and leadership team are confident that the company will continue to deliver long-term growth and shareholder value,” Marshall B. Farrer, Chairman of Brown‑Forman, said. “The company remains focused on executing its strategic plan, including expanding its geographic footprint, building brands that resonate with consumers, and enhancing operational efficiency, while continuing to explore additional opportunities to create sustained value for all shareholders. 

“We are excited about what lies ahead, including the next chapter of leadership.”

Read more: Brown-Forman Elects Directors, Declares Stock Dividend

About Brown‑Forman Corporation

Brown-Forman Corporation has been building spirits brands for more than 150 years, with a team of approximately 5,400 employees worldwide. The company distributes beverages in more than 170 countries. Learn more at brown-forman.com.