Sazerac is preparing to submit an all-cash offer of $15 billion for Brown-Forman, the maker of Jack Daniel's, according to sources familiar with the situation. This bid comes as Sazerac seeks to outbid Pernod Ricard, which is already in advanced acquisition talks with the Kentucky spirits company.

The Louisville-based spirits company has previously offered $15 billion in cash and stock, but a purely cash offer could be more attractive to sellers. Sazerac's offer of $32 per share represents a 39% premium over Brown-Forman's share price before deal discussions were first reported, with the company's shares closing at $29 on Friday.

Brown-Forman remains controlled by the family of founder George Garvin Brown, making any deal complex. The potential acquisition comes as alcohol companies face declining consumption rates and industry challenges, with larger firms pursuing mega deals anticipating more favorable antitrust treatment under the Trump administration. Pernod Ricard, with its $20 billion market cap, continues to navigate travel business declines related to the Iran conflict.