Brown-Forman Corp., the maker of Jack Daniel's whiskey, has rejected a $15 billion takeover offer from privately held spirits company Sazerac Co., according to sources familiar with the matter.

Advisers for Brown-Forman informed Sazerac on Monday that the company was rejecting the $32-a-share cash offer, according to reports. The proposed deal would have valued Brown-Forman at approximately $15 billion.

Brown-Forman, based in Louisville, Kentucky, is known for its flagship Jack Daniel's Tennessee whiskey brand as well as other premium spirits brands. The company has been publicly traded and has maintained its independence as a major player in the global spirits industry.

Sazerac, a New Orleans-based private company, owns numerous whiskey and spirits brands and has been actively acquiring companies in the industry in recent years. The rejection means Brown-Forman will continue operating as an independent public company.

The spirits industry has seen significant consolidation activity in recent years as companies seek to expand their portfolios and global reach. However, Brown-Forman's decision suggests the company believes it can create more value remaining independent rather than accepting the proposed acquisition price.