Negotiations between Brown-Forman, the maker of Jack Daniel’s whiskey, and France’s Pernod Ricard have collapsed after both sides failed to agree on merger terms, the companies said Tuesday. The two alcohol giants had disclosed their discussions last month, saying a deal would be structured as a merger of equals. The companies did not reveal what specific terms were under consideration or what caused the breakdown.

The failure opens the door for Sazerac, also headquartered in Louisville, Kentucky, to pursue an alternative all-cash offer reportedly valued at $15 billion. Sazerac has already hired investment bank Centerview Partners and law firm Woolery & Co to advise on its efforts. The potential deal comes as the alcohol industry grapples with tariffs, supply chain challenges and overall declines in alcohol consumption.

Pernod Ricard was created through the merger of two French spirit companies in 1975 and grew through acquisitions including Seagram’s in 2001 and Absolut Vodka in 2008. Brown-Forman, more than 150 years old, owns brands including Woodford Reserve, Diplomático Rum and the Glendronach. Shares of Brown-Forman are controlled by the family of its founder, George Garvin Brown.