According to the Wall Street Journal, advisers for Brown-Forman informed Sazerac on Monday (11 May) that the company was rejecting the $32-a-share cash offer Sazerac recently made, citing unnamed sources. 

It was reported that Sazerac’s latest all-cash offer was financially backed by Wells Fargo and Apollo Global Management.

The deal would have allowed Brown-Forman’s Class A shareholders to take cash or roll their shares into the new company.

Brown-Forman was previously in talks to merge with Pernod Ricard, however negotiations were unsuccessful.