Constellation Brands offers to buy Jack Daniel's owner

Constellation Brands Inc , which makes Corona and Modelo beers, has offered to buy Jack Daniel's owner Brown-Forman Corp. Brown-Forman is not interested in selling, but has informed the board of Constellation Brands' interest. 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, who are fifth-generation owners of Brown-Forman, own a majority of the voting power and have indicated historically that they do not want to sell their company. Brown-Forman declined to comment, while Constellation Brands did not immediately respond to a request seeking comment.

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