Brown-Forman Board Issues Statement

LOUISVILLE, Ky.--( BUSINESS WIRE)--Brown-Forman Corporation (NYSE: BFA, BFB) today announced that its Board of Directors has received an unsolicited proposal from Sazerac to acquire Brown-Forman, and, taking into consideration Wolf Pen Branch, LP’s view as noted below, has concluded that Sazerac's proposal is not actionable.

Wolf Pen Branch, LP, a collection of Brown family members representing the majority of Brown-Forman Class A shares, said, “As fourth-, fifth- and sixth-generation shareholders of Brown-Forman, we care deeply about the company – its brands, its people, and its culture. We are confident in the strength and competitive position of the business, and believe the company is well-positioned to deliver long-term value for all shareholders. We have concluded that Sazerac’s proposal does not align with this vision for Brown-Forman’s future.”

Marshall B. Farrer, Chairman of Brown‑Forman, said, “Brown-Forman’s Board and leadership team are confident that the company will continue to deliver long-term growth and shareholder value. The company remains focused on executing its strategic plan, including expanding its geographic footprint, building brands that resonate with consumers, and enhancing operational efficiency, while continuing to explore additional opportunities to create sustained value for all shareholders. We are excited about what lies ahead, including the next chapter of leadership.”

About Brown‑Forman Corporation:

Brown‑Forman Corporation is a global leader in the spirits industry, responsibly building exceptional beverage alcohol brands for more than 155 years. Headquartered in Louisville, Kentucky, we are guided by our founding promise, “Nothing Better in the Market.” Our premium portfolio includes the Jack Daniel’s Family of Brands, Woodford Reserve, Old Forester, New Mix, el Jimador, Herradura, The Glendronach, Glenglassaugh, Benriach, Diplomático Rum, Gin Mare, Fords Gin, Chambord, and Slane. With approximately 4,900 employees worldwide, we proudly share our passion for fine-quality spirits in more than 170 countries. Learn more at brown-forman.com and stay connected with us on LinkedIn, Instagram, and X.

Forward-Looking Statements

This press release contains statements, estimates, and projections that are “forward-looking statements” as defined under U.S. federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “aim,” “ambition,” “anticipate,” “aspire,” “believe,” “can,” “confident,” “continue,” “could,” “envision,” “estimate,” “excited,” “expect,” “expectation,” “focused,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “pursue,” “remains,” “see,” “seek,” “should,” “well-positioned,” “will,” “would,” and similar words indicate forward-looking statements, which speak only as of the date we make them. These statements include, among others, statements regarding our strategic plan and priorities, our expectations for long-term growth and shareholder value, our financial outlook, any potential future leadership transition, and the anticipated effects (or absence of effects) of the unsolicited proposal described herein. Except as required by law, we do not intend to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from those expressed in or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to:

For further information on these and other risks, please refer to our public filings, including the “Risk Factors” section of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.