Constellation Approaches Brown-Forman With Takeover Offer

The Brown family, owners of whiskey distilleries Jack Daniel's and Woodford Reserve, tell the beverage conglomerate thanks, but no thanks.
Photo courtesy Jack Daniel's

Constellation Brands, the owner of Corona, Svedka Vodka, and dozens of other beverage producers, made an approach to acquire Jack Daniel’s owner Brown-Forman on Tuesday, according to CNBC and other news reports.

Brown-Forman reportedly is not interested in selling, but informed its board of Constellation Brands’ interest. The Brown family, who are fifth-generation owners of Brown-Forman, have historically maintained that they do not want to sell their company.

Terms of the offer were not disclosed, but Brown-Forman’s market value is estimated at some $22 billion.

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Well-Known Brands On Both Sides

Brands in the Constellation portfolio include winemakers Charles Smith Wines and Kim Crawford; beer producers Corona and Modelo; and spirits including Svedka vodka and Casa Noble tequila.

Brown-Forman, meanwhile, is best-known for its whiskey brands, particularly Jack Daniel’s and Woodford Reserve. The company’s portfolio also includes wine producers Korbel and Sonoma-Cutrer.

Published on May 24, 2017
Topics: Acquisitions



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