Overview
- Brown-Forman and Pernod Ricard, which confirmed the discussions Thursday, described the potential deal as a merger of equals.
- Both companies said no agreement exists and they will not provide further updates unless a deal is reached or talks end.
- Following Bloomberg’s report earlier Thursday on initial talks, Brown-Forman shares jumped more than 20%.
- The stock rose another 5.6% Friday after a JPMorgan upgrade that cited the company’s openness to higher-value opportunities.
- Analysts highlight a key hurdle in Brown-Forman’s voting structure, with the Brown family controlling about two-thirds of the votes.