The offer opens a potential bidding war for the Jack Daniel’s owner as negotiations continue with Pernod Ricard over a potentially landmark merger of the two groups.
The offer tabled by Buffalo Trace-owner, Sazerac, has been reported at $32 per share, higher than the $29.57 share valuation that Brown-Forman closed at on Wednesday 15 April.
Speaking to analysts after Pernod published its third-quarter sales figures, chief financial officer Hélène de Tissot confirmed that talks between the two groups remained “ongoing”.
“Before I begin discussion on our Q3 sales results, I thought I would say a word regarding our press release of 27 March in which we confirm discussions are taking place regarding the potential business combination with Brown-Forman,” said de Tissot.
“As stated, we did not intend to communicate further until either an agreement is reached or discussions are terminated. Discussions are ongoing, so at this stage, I have no further comment to make.”
Unlike Sazerac's buyout offer, analysts have said the deal with Pernod would more likely involve a share swap that would allow the Brown family to maintain some control over the company.
