Shares of Brown-Forman (NYSE:BF) declined 5.88% in premarket trading on Wednesday, after French spirits behemoth Pernod Ricard S.A. (OTC:PRNDY) and the Jack Daniel’s whiskey maker mutually called off the merger talks on Tuesday.
Pernod Ricard said it remains confident in its strategy and team, and is focused on delivering long-term value for stakeholders, while Brown-Forman said it aims to expand globally, strengthening its brands, and improving operational efficiency.
According to the Wall Street Journal, there were differences over the deal’s structure and financial aspects, and both companies failed to reach a consensus on the proposed merger terms. Also, both Pernod and Brown-Forman have significant family ownership, and any deal with Brown-Forman would need the Brown family’s approval, who hold a majority of the …
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