Brown-Forman Turns Down Sazerac's $15 Billion Offer

Brown-Forman has rejected a $15 billion takeover bid from Sazerac, keeping Woodford Reserve and its other premium expressions out of the Louisiana company's expanding portfolio. The Louisville-based spirits giant apparently sees more value in staying independent than in Sazerac's generous offer. This marks one of the largest proposed acquisitions in American whiskey history, though Brown-Forman's shareholders will have to settle for what they already own.