Brown-Forman quiet over Constellation bid report

Constellation Brands, the owner of Corona and Svedka Vodka, had made an approach to acquire Jack Daniel's owner Brown-Forman, CNBC reported quoting people with knowledge of the matter. There are concerns about Constellation Brands' ability to finance the deal, with Wells Fargo musing Constellation Brands could only raise a few billion in cash, not enough to buy Brown-Forman considering it is worth around $20 billion. The Class B non-voting shares tanked more than 3 percent Tuesday in protest. The stock of Brown-Forman Corporation (NYSE:BF.B) earned "Neutral" rating by Sterne Agee CRT on Friday, February 26.

Over the years, Constellation has swallowed a variety of brands across alcohol categories, including Robert Mondavi wines, Svedka vodka, Corona's USA beer business, Casa Noble tequila and California craft brewer Ballast Point. "We think the status quo will likely continue". And I'm not thinking of anything here today, but the pace may accelerate just because we want to build some critical mass there. They're either way too big or they're simply not available at this point, right. Buying Brown-Forman-which sells Herradura tequila and the Woodford Reserve and Old Forester bourbons-would add a jolt to the spirits business. The question now is whether Constellation brings more heat or moves on. "While we give credit to STZ for attempting a bold move that would have been a strong acquisition (financing/control considerations aside), we can't say we're surprised BF's board apparently rejected the offer". Another major roadblock: Brown-Forman is family controlled by the Brown family. 32864 shares were traded on Brown-Forman's last session. Neither family may see an incentive to sell after decades of control. Bbr Partners Llc who had been investing in Brown Forman Corp for a number of months, seems to be bullish on the $23.78B market cap company. But revenue would immediately jump by 40 percent.

Penguins Smash Senators; Senators Put on Brink
Then, he put him back in and that didn't go well. "This one is going to sting for a while", Ducks forward Corey Perry said. They became the third team this postseason to lose by at least six goals. "It was honestly just a good, positive talk".

Royal Bank of Canada restated a "hold" rating and issued a $51.00 target price on shares of Brown-Forman in a research note on Monday.

A purchase by Constellation would help its expansion into premium liquors.

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