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Constellation Brands has approached Brown-Forman for an acquisition, according to a report by CNBC's Leslie Picker.
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 $22.4 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 $182 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.
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