Reports: Brown-Forman Rejects Takeover Bid From Constellation Brands
Louisville-based Brown-Forman has reportedly rejected an offer by Constellation Brands — owners of Corona and Svedka Vodka — to buy the firm.
According to a CNBC is report, Brown-Forman refused the undisclosed offer, yet informed its board of Constellation Brands’ interest.
Brown-Forman Spokesperson Phil Lynch declined to comment.
“As a matter of corporate policy, we don’t comment on market rumors or speculation,” Lynch said.
The Brown family has showed no interest in offers to buy their company, but stocks and shares rose as rumors of a takeover swirled last week, according to CNBC. Stocks for Brown-Forman and Constellation Brands fell sharply shortly before the offer reportedly fizzled.
Brown-Forman’s net income has recently flourished, growing from $400 million to $1.06 billion in the last decade, according to the company’s annual reports.