Brown-Forman was not interested in selling itself, the report on Tuesday said. The Brown family, which has passed down the company since its founding in 1870, controls more than two-thirds of the voting shares and previously indicated that it has no plans to sell.
Brown-Forman has a market cap of about $US22.4 billion. Its shares fell by as much as 5% in the final hour of trading, while Constellation Brands dipped 1%.
In its fiscal third quarter ended January 31, Brown-Forman reported a 4% drop in net income to $US182 million from the prior year. The company worked through “a continued challenging global backdrop for consumer staples,” it said, and lowered its full-year outlook.
More from Akin Oyedele:
- The owner of Corona reportedly offered to buy the owner of Jack Daniels but was turned down (STZ, BF/A)
- One of the world’s largest commodities traders is reportedly in talks to make a big entry into America’s agriculture market (BG, GLEN)
- New-home sales plunge by a lot more than expected
- The carnage in retail is good news, but only if you know where to look (ULTA, FND, TSCO)
- Bank of America’s CEO says a pre-crisis idea could make it easier for millennials to buy homes
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.