Report: Constellation Makes Offer for Brown-Forman

Kentucky-based liquor giant Brown-Forman reportedly rejected a recent takeover bid from beer and wine maker Constellation Brands.

CNBC, citing people with knowledge of the matter, reported that Brown-Forman officials informed the company's board of the offer but indicated that they had no interest in a sale.

Brown-Forman, whose brands include Jack Daniel's, Korbel and Finlandia, is owned by the Brown family, which also controls the majority of the company's voting power and is traditionally averse to potential sales.

Constellation is reportedly still interested in a merger but no talks are currently ongoing. The New York-based company owns Corona and other prominent Mexican beer brands, along with dozens of wine labels and Svedka vodka.

Terms of Constellation's bid were not available, but CNBC noted that Brown-Forman's market cap was about $22 billion.