Overview
- Pernod Ricard told analysts Thursday that talks with Brown-Forman are still in progress and that it will give no updates unless talks end or a deal is reached.
- Multiple outlets reported that Sazerac proposed a cash offer of $32 per share, valuing Brown-Forman at about $15 billion, and both Sazerac and Brown-Forman have declined to comment.
- The Sazerac approach is a conventional buyout, while Pernod has discussed a share swap structured like a merger of equals that could preserve some family voting power.
- Brown-Forman shares have climbed since the discussions became public, including a reported 13% jump after Sazerac’s interest and a roughly 29% rise since late March.
- Analysts say a Pernod tie-up could speed entry into faster-growing markets like India and Latin America, while Sazerac’s bourbon roots could bolster clout with U.S. distributors as spirits makers contend with softer demand and tariff strains.