Constellation bid for Brown-Forman rejected

24th May, 2017 by Lucy Shaw

Drinks giant Constellation Brands has made a takeover bid for Brown-Forman, owner of the hugely popular Jack Daniel’s brand, which has been rejected.

According to CNBC, the Brown family, the fifth-generation owners of Brown-Forman, rejected the offer as they are not interested in selling the company.

The value of the bid has not been disclosed, but Brown-Forman currently has a market value of around US$22 billion, while Constellation’s value sits at US$35.53 billion.

CNBC reports that shares of Brown-Forman gained 12% over the last week amid takeover rumors.

Following the news of the rejected bid on Wednesday morning, Brown-Forman’s share price fell by over 6%, while Constellation’s share price increased by 1.7%.

Brown-Forman is a public company but has a shareholding controlled by the Brown family. The company owns Jack Daniel’s Tennessee whiskey, revered Bourbon brand Woodford Reserve, The Glendronach Scotch, Herradura and El Jimador Tequila, Finlandia vodka and raspberry liqueur Chambord among other brands.

Despite the rejected bid, Constellation remains interested in a potential merger.

Among the drinks brands in the Constellation portfolio are Corona beer, Svedka vodka, Kim Crawford and Charles Smith Wines.

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe to our newsletters

Job vacancies

Administrative Assistant

Swig Wines Ltd
Chiswick, London, UK

HR Manager

Amathus Drinks PLC
London, UK

Senior Sales Manager

Haynes Hanson & Clark
Gloucestershire, GB

Customer Services Administrator

Speciality Drinks Ltd
London, UK

National Business Development Manager

Speciality Drinks Group
London, UK

Inventory Analyst

Bibendum PLB
London, UK

Events Executive - Atom Supplies

ATOM Supplies Limited
London, UK

Off-Trade Sales Account Executive

Domaine Direct
Nationwide, working from a combination of home & London office.

Sales Executive/Brand Ambassador

Glenfarclas
Ballindalloch, Speyside, UK

Client Manager

Noble Rot
Wandsworth, London, GB

Spirits Investment Director

Stilnovisti
London, UK

Junior Brand Manager

Enotria Winecellars
Park Royal, London, UK

Content & Digital Assistant

ABVGlobal
London, UK

Sales Manager

Cellar Trends
London, UK

Editorial Assistant

Wine List Confidential
London, UK

Champagne Masters 2017

Deadline : 7th July 2017

The Global Sparkling Masters 2017

Deadline : 10th July 2017

The Global Malbec Masters 2017

Deadline : 10th July 2017

The Global Syrah Masters 2017

Deadline : 18th July 2017

Click to view more

The Drinks Business Awards 2017

Now in its 15th year, the db awards have become the most authoritative, internationally respected badge of achievement in the alcoholic drinks industry.

The Asian Cabernet Sauvignon Masters 2017

the drinks business Hong Kong announces its first year of The Asian Cabernet Sauvignon Masters.

Rioja Masters 2016

Now in its fifth year, the competition will recognise and reward the finest Riojas on the world stage.

Fortified Masters 2016

Now in its third year, The Fortified Masters will reward the best fortified wines on offer.

Click to view more