Brown-Forman Heirs Face Turmoil as $15B Sazerac Bid Looms
The Brown family heirs who control Brown-Forman (Jack Daniel’s) are in a bitter feud as rival Sazerac makes a roughly $15 billion unsolicited bid. Dissident Lyons Brown III and Stuart Brown accuse the board of 'rewarding failure' as Brown-Forman’s stock has fallen about 60% in years, while Wolf Pen Branch controls roughly 60% of voting shares and has rejected the bid, limiting the rebels’ sway. Sazerac argues the offer carries a 40% premium and remains open, as leadership changes loom amid weakening demand, $3.9B in sales, an 18% drop in net income, layoffs and the closure of the Louisville cooperage.
