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.
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.