Brown-Forman has reportedly rejected a whopping US$15 billion (£11.3bn) takeover offer from fellow American spirits giant Sazerac, weeks after merger discussions with Pernod Ricard collapsed.

According to reports published by The Wall Street Journal and Reuters, advisers for Brown-Forman informed Sazerac earlier this week that the company would not proceed with the proposed US$32-a-share cash offer.

The bid was allegedly backed financially by Wells Fargo and Apollo Global Management, with Brown-Forman shareholders offered the option of taking cash or rolling shares into the combined business.

Neither company has publicly commented on the reported approach.

Had the deal progressed, it would have created one of the most powerful portfolios in global spirits, bringing together major American whiskey brands including Jack Daniel’s, Woodford Reserve, Buffalo Trace, Pappy Van Winkle, Blanton’s and Eagle Rare under one roof. Sazerac’s wider portfolio also includes Fireball and BuzzBallz.

The move follows the collapse of Brown-Forman’s recent merger discussions with Pernod Ricard. Pernod confirmed last month that talks had ended mutually due to issues around deal structure and economics.

For the wider drinks trade, the rejected bid underlines the growing pressure on major global spirits companies to seek scale and efficiencies amid slowing demand and increasingly difficult trading conditions across key markets.

Brown-Forman has faced a challenging year, reporting flat sales in the nine months to 31 January 2026, with Canada’s extended ban on US alcohol imports weighing heavily on performance.

Meanwhile, Sazerac, which is privately owned by the Goldring family, does not publicly disclose its financial performance. However, the company has continued to expand aggressively, including backing 818 Tequila founded by Kendall Jenner.

Both Brown-Forman and Sazerac are based in Louisville, considered one of the spiritual homes of American whiskey.