Brown-Forman, the family-controlled maker of Jack Daniel's, has rejected a $15 billion takeover offer from rival Sazerac, according to people familiar with the matter. The company's advisers informed Sazerac on Monday that the proposed deal, valued at $32 per share in cash, was not acceptable. Brown-Forman maintains independence as one of the world's leading premium spirits companies.

The rejection comes amid increased consolidation activity in the spirits industry, where Brown-Forman has long maintained family control despite takeover approaches. The $32-per-share offer represented a premium to recent trading prices, suggesting Sazerac saw strategic value in combining with the iconic Tennessee whiskey producer. Family ownership has been a hallmark of Brown-Forman since its founding in 1870.

Brown-Forman's decision underscores the company's commitment to maintaining its independence and pursuing its own growth strategy. The rejection leaves Sazerac without one of its most significant acquisition targets in the spirits sector, potentially pushing the company to seek other avenues for expansion. Brown-Forman shares fell 1.70% following the news, reflecting market uncertainty about future takeover possibilities for the iconic brand.