US drinks group Brown-Forman has announced that it has rejected a proposal from Sazerac to acquire the Jack Daniel’s owner for a reported $15 billion, or $32 a share.

The proposal, which would create the second-largest drinks group in the world after Diageo, was deemed “not actionable” by Wolf Pen Branch, LP, a collection of Brown family members representing the majority of Brown‑Forman Class A shares.

In a statement, a spokesperson representing the group said: 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.”

Earlier in the week, the Wall Street Journal reported that Sazerac had penned a letter to a group of Brown-Forman shareholders urging them to reconsider the offer that was originally proposed in May.

At the time, Brown-Forman was in talks to be acquired by French drinks giant Pernod Ricard; however, discussions ultimately fell through.

Brown-Forman chief executive, Lawson Whiting, recently laid out his intentions to retire once a successor was named.

Speaking about the Sazerac proposal, Marshall Farrer, chairman of Brown‑Forman, said: “Brown‑Forman’s board and leadership team are confident that the company will continue to deliver long-term growth and shareholder value.

“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.”