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Brown-Forman (NYSE:BF), the company that produces Jack Daniel’s, has reportedly turned down a $15 billion acquisition bid from its competitor, Sazerac.
Sazerac’s $32 per share cash offer was declined by Brown-Forman earlier this week, reported the Wall Street Journal on Tuesday. The majority of the voting stock of Brown-Forman, a publicly traded company, is controlled by the Brown family, while Sazerac is a privately owned family business.
Sazerac’s all-cash bid, backed financially by Wells Fargo & Co. (NYSE:WFC) and Apollo Global Management (NYSE:APO), would have given Brown-Forman Class A shareholders the option to sell their shares for cash or …
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