Brown-Forman has formally rejected a takeover offer from Sazerac, stating that the latest proposal is not "actionable." The parent company of Jack Daniel's confirmed in a statement on Sunday that it had declined Sazerac's acquisition request.

According to Brown-Forman, Sazerac's offer was "unsolicited." Earlier reports indicated that the Louisville, Kentucky-based whiskey producer had rejected Sazerac's initial $15 billion bid in May. Additionally, Brown-Forman had been in acquisition talks with French spirits giant Pernod Ricard, but those discussions have also ended.

According to The Wall Street Journal, Sazerac had written to some Brown-Forman shareholders, urging the owner of Buffalo Trace to reconsider its offer. Brown-Forman's formal rejection of Sazerac's proposal may signal that the company does not intend to sell.

Wolf Pen Branch, a group composed of Brown family members holding a majority of the company's Class A shares, stated that Sazerac's offer does not align with its "vision" for Brown-Forman's future.

"As fourth-, fifth-, and sixth-generation shareholders of Brown-Forman, we care deeply about the company and its brands, employees, and culture," the group said in a statement. "We are confident in the company's strength and competitive position, and believe it has the ability to create long-term value for all shareholders."

Earlier this month, Brown-Forman CEO Lawson Whiting announced he would retire once a successor is identified. At the time, analysts noted that the producer of Woodford Reserve appeared to prioritize continuity over major strategic shifts.

Brown-Forman Chairman Marshall Farrer said on Sunday that the board and leadership team remain confident in the company's long-term growth.

"The company will continue to focus on executing its strategic plan, including expanding geographic reach, building brands that resonate with consumers, improving operational efficiency, while continuing to explore additional opportunities to create sustained value for all shareholders," Farrer said in the statement.

An acquisition by Sazerac would further extend the Buffalo Trace owner's M&A momentum. Sazerac recently acquired the Dirty Shirley brand and invested in Sipmargs. However, acquiring Brown-Forman would mark a shift in its acquisition focus—Sazerac had previously concentrated on ready-to-drink cocktails and brands appealing to younger consumers, such as BuzzBallz and Kendall Jenner-backed 818 Tequila.

Although Brown-Forman has been working to expand its ready-to-drink portfolio, its core remains rooted in traditional spirits such as Jack Daniel's and Woodford Reserve.

Brown-Forman reported full-year sales of $3.9 billion, down 1% year-over-year. Net sales of whiskey products grew 3%, the tequila portfolio declined 4%, and net sales of the ready-to-drink portfolio increased 11%.