Distiller Sazerac’s all-cash acquisition offer of $32 per share for Brown-Forman Corporation (NYSE:BF-B) has been rejected by the Brown family. The Brown family holds more than 50% of Brown-Forman’s Class A voting shares through Wolf Pen Branch LP, so any transaction involving a change in control requires their approval. This marks the second high-profile M&A attempt to be thwarted by Brown-Forman in 2026, following the termination of negotiations with France’s Pernod Ricard on April 28. Sazerac’s offer exceeded Brown-Forman’s current share price of approximately $28, but the Brown family’s rejection highlights the parties’ disagreement over the company’s valuation.