Over the past week, rumours of a takeover at distilling giant Brown-Forman by rivals Constellation Brands have picked up steam. However, Brown-Forman broke its silence recently regarding the matter in the most affirmative way possible.
The company from Louisville, Kentucky issued a rare statement where it sternly said that the company is "not for sale". Though it is a public-listed company, fifth generation members of the founding Brown family own majority shares at Brown-Forman.
"For nearly 150 years, the company and the Brown family have been committed to preserving Brown-Forman as a thriving, family-controlled, independent company. That commitment is unchanged, and our goal is to continue creating value for all shareholders for generations to come," said the company's board of directors chairman George Garvin Brown IV (pictured, right).
Credible reports indicate that the company had recently rejected an acquisition offer from New York-based rivals Constellation Brands. Valued at US$35.53 billion, the latter owns a number of notable brands such as Corona beer and Svedka vodka.
Experts believe Constellation Brands' motivation for said move was likely inspired by Brown-Forman's flat sales figures of late due to weakened performances in emerging markets. Despite this, Brown-Forman did record continually strong performance for its core whisky brands - Jack Daniel's, Old Forester and Woodruff Reserve.
At present, the firm that owns Jack Daniel's boasts a reported net value of US$22.24 billion.