Brown-Forman has reportedly rejected a $15bn takeover offer from US spirits rival Sazerac, weeks after merger talks with Pernod Ricard collapsed.

The Jack Daniel’s owner turned down a $32-a-share cash offer from Sazerac, according to Reuters, with the bid backed by Wells Fargo and Apollo Global Management.

Brown-Forman shares closed down one per cent at $26.56 on Tuesday, below the proposed offer price.

Sazerac, which owns more than 500 brands including Buffalo Trace and Fireball, emerged as a suitor for Brown-Forman last month after the company held talks with Pernod Ricard over a possible merger.

Those discussions ended in late April after the Jack Daniel’s maker and the French drinks giant failed to agree terms.

The Brown family, which controls Brown-Forman, was understood to favour a potential deal with Pernod over Sazerac’s rival proposal, viewing the owner of Jameson, Absolut and Malibu as the more prestigious buyer.

The structure of the two possible deals also differed significantly.

Pernod’s proposed deal was expected to be mostly stock-based, allowing the Brown family to retain a meaningful stake and influence in the combined business.

Sazerac’s offer, by contrast, would have involved more cash, higher leverage and would have required the Brown family to relinquish control.

Both Sazerac and Brown-Forman declined to comment.

The rejected approach comes as the global spirits sector continues to face pressure from weakening alcohol consumption and softer volumes.

Dealmakers and analysts have suggested scale is becoming increasingly important for drinks businesses as consumer goods valuations come under pressure.

A tie-up between Brown-Forman and Sazerac would have created a dominant US whiskey player, controlling around 30 per cent of the American whiskey market, according to some analysts.

It would also have given the combined group greater negotiating power with major US distributors.

Sazerac generates more than $6bn in annual net sales, compared with Brown-Forman’s roughly $4bn.

The latest takeover interest underlines the pressure building on major spirits groups as the category adjusts to a more difficult trading environment after years of strong demand.

Brown-Forman’s portfolio includes Jack Daniel’s, Woodford Reserve and Old Forester, while Pernod Ricard’s stable includes Jameson, Absolut and Malibu.

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