(Photo: Sipa via AP Images)

Brown-Forman has publicly rejected a second takeover proposition from rival spirits firm Sazerac, which had initially offered to buy the Jack Daniel’s maker for $15 billion in April.

After Brown-Forman reportedly rejected that offer in May, Sazerac sent a follow-up letter to the Brown-Forman board doubling down on its previous bid, Reuters reported. Wolf Pen Branch, a collection of Brown family members who own a majority of Class A shares, issued a statement on Sunday saying that it turned down the “unsolicited proposal.”

“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,” Wolf Pen Branch wrote. “We have concluded that Sazerac’s proposal does not align with this vision for Brown-Forman’s future.”

Beyond Jack Daniel’s, Brown-Forman is best known as the owner of Woodford Reserve, Old Forester and Herradura Tequila. Sazerac, meanwhile, is responsible for popular bourbons like Buffalo Trace and Pappy Van Winkle, in addition to convenience store staples including Fireball, BuzzBallz and Southern Comfort. Had the two alcohol juggernauts merged, they’d control an estimated 18% of the U.S. spirits market and nearly 40% of American whiskey.

For a time, it seemed the company might settle on a similar agreement with a different rival. Brown-Forman and French spirits giant Pernod Ricard were in talks for a “merger of equals” throughout much of the year, though the deal fell apart due to reported disagreements over family control.

The statement released on Sunday did not rule out the possibility of merger negotiations with other spirits firms. Whether the Brown family will consider yet another proposal, however, is yet to be seen.

The prolific whiskey maker has faced steep losses over the past few years. The company announced that it was laying off 12% of its global workforce in early 2025, and has been hit hard by Canadian provinces’ ongoing boycott of US-made booze. The recent launch of Jack Daniel’s Blackberry helped the firm through a better-than-expected sales quarter, even as its stock price has continued falling to decade-long lows.

Earlier this month, President and CEO Lawson Whiting announced his retirement from the company, effective upon the appointment of a successor. Brown-Forman’s Board of Directors is reportedly considering both internal and external candidates for the position.

Chairman Marshall B. Farrer indicates that the firm is confident in continued long-term growth.

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