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00:02Jack Daniel's maker Brown Foreman rejected a $32 per share cash takeover offer from spirits maker
00:09Sazerac, weeks after merger talks with Pernod Ricard collapsed, according to Reuters.
00:15Brown Foreman's shares closed down 1% at $26.56 on Tuesday, below Sazerac's offer price.
00:22Sazerac, which owns more than 500 brands including Buffalo Trace and Fireball,
00:26submitted a $15 billion offer for Brown Foreman in April,
00:31which was financially backed by Wells Fargo and Apollo Global Management.
00:35Reuters reported that the Brown family favored Pernod over Sazerac
00:39because Pernod offered a mostly stock-based structure
00:42that would have allowed the family to retain influence in the combined company.
00:46Sazerac's proposal would have required more cash and higher leverage
00:50while forcing the family to relinquish control.
00:53For all things money, visit Benzinga.com.
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