
Brown-Forman Focused on Creating Value for All Stakeholders by Advancing Ongoing Strategic and Operational Plans


Brown-Forman Corporation (NYSE:BFA, BFB)) today announced that the company and Pernod Ricard have

<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Brown-Forman Focused on Creating Value for All Stakeholders by Advancing Ongoing<b xmlns="http://www.w3.org/1999/xhtml"> </b>Strategic and Operational Plans</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Brown-Forman Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BFA">BFA</a>, BFB)) today announced that the company and Pernod Ricard have terminated discussions regarding a potential business combination, as the companies were unable to reach mutually agreeable terms. Brown-Forman and Pernod Ricard previously confirmed discussions on March 26 and noted there could be no assurance that any such agreement would be reached. Brown-Forman issued the following statement:

</p><p xmlns="http://www.w3.org/1999/xhtml">
"We intend to create long-term value for all stakeholders by focusing on our strategic and operational priorities. This includes unlocking future growth by expanding our geographic footprint, continuing to build brands that resonate with consumers, and enhancing operational efficiency."

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Brown-Forman</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
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 5,000 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.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Important Information on Forward-Looking Statements</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
This press release contains statements that are "forward-looking statements", as defined under U.S. federal securities laws, that are subject to risks and uncertainties. Such statements involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond Brown-Forman's control and could cause Brown-Forman's future financial results, goals, plans, commitments, strategies and objectives to differ materially from those expressed in, or implied by, the statements. Words such as &#34;should,&#34; &#34;could,&#34; &#34;would,&#34; &#34;will,&#34; &#34;may,&#34; &#34;expects,&#34; &#34;plans,&#34; &#34;intends,&#34; &#34;anticipates,&#34; &#34;indicates,&#34; &#34;remains,&#34; &#34;believes,&#34; &#34;estimates,&#34; &#34;projects,&#34; &#34;forecast,&#34; &#34;guidance,&#34; &#34;outlook,&#34; &#34;goals,&#34; &#34;targets,&#34; &#34;pledge,&#34; &#34;confident,&#34; &#34;optimistic,&#34; &#34;dedicated,&#34; &#34;positioned,&#34; &#34;on track&#34;, &#34;path&#34; and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. All statements, other than those that relate solely to historical facts, are forward-looking statements.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Additionally, forward-looking statements include conditional statements and statements that identify uncertainties or trends, discuss the possible future effects of known trends or uncertainties, or that indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this press release are based upon information available to Brown-Forman on the date of this press release. Brown-Forman undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law or regulation.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Brown-Forman's actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, any risks and uncertainties set forth in the &#34;Risk Factors&#34; section or other sections in Brown-Forman's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as other risks and uncertainties set forth from time to time in the reports Brown-Forman files with the U.S. Securities and Exchange Commission.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260428797726r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260428797726/en/" rel="nofollow">https://www.businesswire.com/news/home/20260428797726/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Media Contact: </b><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Brown-Forman@FGSGlobal.com" shape="rect">Brown-Forman@FGSGlobal.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>
<br xmlns="http://www.w3.org/1999/xhtml"></br><b xmlns="http://www.w3.org/1999/xhtml">Investor Relations Contact: </b>Sue Perram, Vice President, Investor Relations, <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Sue_Perram@b-f.com" shape="rect">Sue_Perram@b-f.com</a>

</p>

Brown-Forman and Pernod Ricard Terminate Discussions Regarding Potential Combination

Brown-Forman Terminates Talks With Pernod Ricard, Focuses on Growth

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Brown-Forman Focused on Creating Value for All Stakeholders by Advancing Ongoing Strategic and Operational Plans


Brown-Forman Corporation (NYSE:BFA, BFB)) today announced that the company and Pernod Ricard have</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Brown-Forman has ceased discussions with Pernod Ricard regarding a merger, noting an inability to reach agreeable terms. The company will prioritize its strategic plans and operational efficiencies to drive long-term stakeholder value.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Brown-Forman and Pernod Ricard ended business combination talks.</li><li>No agreement reached, reaffirming prior uncertainty.</li><li>Company emphasizes focus on long-term value and operational efficiency.</li><li>Strategic growth plans include geographic expansion and brand enhancement.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Pernod Ricard (RI)</strong>: Failed merger could limit Brown-Forman&#039;s market expansion but refocuses its strategy.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This falls under Corporate Developments as it directly involves strategic decisions affecting Brown-Forman&#039;s operational focus and potential growth avenues, vital for investors assessing future performance.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Termination of merger talks may lead to stock price fluctuations.</li><li>Focus on operational efficiency could enhance long-term profitability.</li><li>Expansion plans may positively influence investor sentiment.</li><li>Continued brand development is key for sales growth.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Brown-Forman is based in Louisville, Kentucky.</li><li>Company has 5,000 employees worldwide.</li><li>Operates in over 170 countries globally.</li><li>Key brands include Jack Daniel&#039;s and Woodford Reserve.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>BFA could see short-term volatility due to failed merger talks but remains focused on growth.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Brown-Forman Focused on Creating Value for All Stakeholders by Advancing Ongoing<b xmlns="http://www.w3.org/1999/xhtml"> </b>Strategic and Operational Plans</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Brown-Forman Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BFA">BFA</a>, BFB)) today announced that the company and Pernod Ricard have terminated discussions regarding a potential business combination, as the companies were unable to reach mutually agreeable terms. Brown-Forman and Pernod Ricard previously confirmed discussions on March 26 and noted there could be no assurance that any such agreement would be reached. Brown-Forman issued the following statement:

</p><p xmlns="http://www.w3.org/1999/xhtml">
"We intend to create long-term value for all stakeholders by focusing on our strategic and operational priorities. This includes unlocking future growth by expanding our geographic footprint, continuing to build brands that resonate with consumers, and enhancing operational efficiency."

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Brown-Forman</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
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 5,000 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.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Important Information on Forward-Looking Statements</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
This press release contains statements that are "forward-looking statements", as defined under U.S. federal securities laws, that are subject to risks and uncertainties. Such statements involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond Brown-Forman's control and could cause Brown-Forman's future financial results, goals, plans, commitments, strategies and objectives to differ materially from those expressed in, or implied by, the statements. Words such as &#34;should,&#34; &#34;could,&#34; &#34;would,&#34; &#34;will,&#34; &#34;may,&#34; &#34;expects,&#34; &#34;plans,&#34; &#34;intends,&#34; &#34;anticipates,&#34; &#34;indicates,&#34; &#34;remains,&#34; &#34;believes,&#34; &#34;estimates,&#34; &#34;projects,&#34; &#34;forecast,&#34; &#34;guidance,&#34; &#34;outlook,&#34; &#34;goals,&#34; &#34;targets,&#34; &#34;pledge,&#34; &#34;confident,&#34; &#34;optimistic,&#34; &#34;dedicated,&#34; &#34;positioned,&#34; &#34;on track&#34;, &#34;path&#34; and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. All statements, other than those that relate solely to historical facts, are forward-looking statements.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Additionally, forward-looking statements include conditional statements and statements that identify uncertainties or trends, discuss the possible future effects of known trends or uncertainties, or that indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this press release are based upon information available to Brown-Forman on the date of this press release. Brown-Forman undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law or regulation.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Brown-Forman's actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, any risks and uncertainties set forth in the &#34;Risk Factors&#34; section or other sections in Brown-Forman's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as other risks and uncertainties set forth from time to time in the reports Brown-Forman files with the U.S. Securities and Exchange Commission.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260428797726r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260428797726/en/" rel="nofollow">https://www.businesswire.com/news/home/20260428797726/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Media Contact: </b><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Brown-Forman@FGSGlobal.com" shape="rect">Brown-Forman@FGSGlobal.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>
<br xmlns="http://www.w3.org/1999/xhtml"></br><b xmlns="http://www.w3.org/1999/xhtml">Investor Relations Contact: </b>Sue Perram, Vice President, Investor Relations, <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Sue_Perram@b-f.com" shape="rect">Sue_Perram@b-f.com</a>

</p>

Brown-Forman has ceased discussions with Pernod Ricard regarding a merger, noting an inability to reach agreeable terms. The company will prioritize its strategic plans and operational efficiencies to drive long-term stakeholder value.

Brown-Forman and Pernod Ricard Terminate Discussions Regarding Potential Combination

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

Related News