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Constellation Brands offers to buy Jack Daniel's owner: CNBC
May 23, 2017 / 7:26 PM / 5 months ago

Constellation Brands offers to buy Jack Daniel's owner: CNBC

(Reuters) - Constellation Brands Inc (STZ.N), maker of Corona and Modelo beers, has offered to buy Jack Daniel’s owner Brown-Forman Corp (BFb.N), CNBC reported on Tuesday, citing people with knowledge of the matter.

Modelo beers are pictured at a BevMo! store ahead of Constellation Brands Inc company results in Pasadena, California U.S., October 4, 2016. REUTERS/Mario Anzuoni

Brown-Forman is not interested in selling, but has informed the board of Constellation Brands' interest, the report said, citing sources. (cnb.cx/2qgRZYM)

Shares of Brown-Forman, which has a market cap of about $22 billion, fell 3.8 percent to $54.93 in late afternoon trading on Tuesday. Constellation slipped 1.3 percent to $181.72.

The Brown family, fifth-generation owners of Brown-Forman, control a majority of voting shares and have historically indicated that they do not want to sell the company, according to the report.

Brown-Forman declined to comment, while Constellation Brands said it was company policy to not comment on rumors or speculation regarding any transaction.

Reporting by Natalie Grover in Bengaluru; Editing by Anil D'Silva

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