May 24, 2017 / 10:29 PM / 2 months ago

Jack Daniel's owner Brown-Forman says it is not for sale

2 Min Read

(Reuters) - Brown-Forman Corp (BFb.N), the maker of Jack Daniel's whiskey, said on Wednesday it was not for sale, following a media report that Corona beer maker Constellation Brands (STZ.N) had offered to buy the company.

"As a matter of corporate policy, Brown-Forman does not comment on market rumors or speculation. However, it is important to reiterate that Brown-Forman is not for sale," Chief Executive Paul Varga and Chairman Geo. Garvin Brown IV said in a joint statement.

The Brown family, who are fifth-generation owners of Kentucky-based Brown-Forman, own a majority of the voting power in the company and have historically indicated that they do not favor selling.

"The company and the Brown family have been committed to preserving Brown-Forman as a thriving, family controlled, independent company. That commitment is unchanged," Varga and Brown said.

Shares of Brown-Forman ended 1.8 percent higher at $54.34 on Wednesday, but were down 2 percent in after-hours trading.

CNBC reported on Tuesday that Constellation had made a takeover approach but that Brown-Forman was not interested in selling.

Reporting by Karina Dsouza in Bengaluru; Editing by Sai Sachin Ravikumar

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