Brown-Forman's board said it has received an unsolicited cash proposal from Sazerac, a privately held spirits company, and determined the offer is not actionable. The proposal, made on May 1, values the company at roughly $15 billion and represents $32 per share, according to sources familiar with the matter. Sazerac, owned by Chairman William Goldring and his family, sent a letter to Brown-Forman's Class A shareholders, most of whom are Brown family members and board directors, stating its willingness to discuss the terms and strategic rationale, and indicating it stands ready to improve the offer if the board engages. The Brown family group, which controls a majority of the Class A shares, said it remains confident in the company's brands and that Sazerac's proposal does not align with its vision for the business. Sazerac declined to comment, and Brown-Forman has not responded to a request for comment. The bid follows the termination of merger discussions between Brown-Forman and Pernod Ricard in late April, and any potential sale would require approval from the Brown family, who have owned and operated the company since 1870. Earlier this month the company announced that CEO Lawson Whiting will retire upon the appointment of a successor.