Constellation Brands Buyout Of Brown-Forman Falls Short
An attempt by Constellation Brands to buy over Brown-Forman has failed after the drinks behemoth’s bid was turned down, according to reports.
Brown-Forman owns world-famous whiskey brand Jack Daniels. According to US news outlet CNBC, its value on the stock exchange swelled by 12% on the back of the bid, The Drinks Business reported.
As well as its flagship brand, the drinks company controls tequila brands Herradura and El Jimador Tequila, the vodka brand Finlandia, and whiskies Woodford Reserve, and The Glendronach Scotch.
Even though the bid was rejected, a merger remains a possibility, according to The Drinks Business.
Brown-Forman has a market value of approximately $22 billion.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. Click subscribe to sign up to ESM: The European Supermarket Magazine