Brown-Forman Shares Fall 6% After Merger End

Brown-Forman stock fell nearly 6% in pre‑market trading after merger discussions with Pernod Ricard ended without agreement.
J.P. Morgan cut Brown‑Forman’s price target to $23 from $27 and downgraded the rating to underperform.
Sazerac has reportedly offered about $15 billion for Brown‑Forman, remaining a potential buyer while Goldring family deal appears unlikely.
Brown‑Forman said it will focus on strategic and operational priorities, including geographic expansion, following the failed talks.