Could a bidding war be on for Brown-Forman? Sazerac also in talks to buy, report says
.png "Could a merger of two of Kentucky’s biggest whiskey companies be coming? According to the Wall Street Journal, Sazerac, owner of Buffalo Trace Distillery in Frankfort, right, has approached Brown-Forman, owner of Woodford Reserve Distillery in Versailles, left, about a potential deal. The report comes a little over a week after news broke of talks between Brown-Forman and Pernod Ricard.")
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- Sazerac approached Brown-Forman about a potential deal, sources told WSJ.
- Brown-Forman shares jumped over 14% amid merger and rival bid reports.
- A Sazerac-Brown-Forman tie would combine major whiskey portfolios and operations.
Another whiskey giant is apparently making a play for a Kentucky rival.
The Wall Street Journal reported on Thursday, April 9, that Sazerac recently approached Brown-Forman about “a potential deal,” citing unnamed sources “familiar with the matter.”
Sazerac declined to comment., and Brown-Forman did not immediately respond to a request for comment.
Shares of publicly traded Brown-Forman jumped more than 15% by mid-afternoon on the news that a bidding war might be in progress.
Brown-Forman recently confirmed it has been in discussions with French spirits company Pernod Ricard about a merger.
Both Brown-Forman and Sazerac have headquarters in Louisville, although Sazerac also has a home in New Orleans. Pernod Ricard also is publicly traded, but Sazerac is not. However, all three companies are closely held by family members. Sazerac is owned by William Goldring.
A team-up would unite two whiskey giants: Brown-Forman owns Jack Daniel’s Tennessee Whiskey, the best-selling American whiskey in the world, as well as Old Forester, Woodford Reserve, Herradura tequila and other brands. Sazerac owns hundreds of brands but is best known for Buffalo Trace, Blanton’s, Weller, Eagle Rare and other bourbons.
Sazerac also produces ultra premium Pappy Van Winkle, which high-end collectors covet. But it has labels at the other end of the spectrum as well, including Fireball Cinnamon Whisky and BuzzBallz ready-to-drink cocktails.
One Wall Street analyst said Thursday that Brown-Forman’s share price could go to $34, especially if other companies decided to jump in. Bacardi, Campari and Diageo were mentioned as potential possibilities, separately or in groups.
“Given the scarce-asset nature of the Brown-Forman business and its biggest brand, Jack Daniel’s, we think a buyer would have to pay a 30%-35% equity premium to get a deal done with complete change of control,” TD Cowen analyst Robert Moskow wrote in a note on Thursday.
Sazerac and Brown-Forman have done business together before: In 2016, Sazerac purchased Southern Comfort and Tuaca brands from Brown-Forman for $543.5 million.
The deal-making comes as the spirits industry is dealing with slumping domestic sales, while exports have been hurt by President Trump’s trade war.
Notably, Sazerac has been growing, announcing more than $1 billion in planned expansions in Kentucky and Indiana.
The company also recently bought out the debt on a shuttered Kentucky distillery, Garrard County Distilling, and has pushed for foreclosure sale with plans to bid on the property.
This story was originally published April 9, 2026 at 2:25 PM.
