Months after the rumors first appeared, Brown-Forman has officially run out of potential takeover suitors. A few weeks after Pernod Ricard withdrew from the running, The Wall Street Journal reported today that the company had rejected Sazerac’s $15 billion takeover bid, leaving the future of a merger or acquisition up in the air.

According to the Journal, Brown-Forman, parent company of brands like Jack Daniel’s and Old Forester, rejected Sazerac’s approximately $15 billion offer, which amounted to $32 per share. While Brown-Forman is publicly traded (with most of the stock still controlled by family members), Sazerac is a private, family-owned company. If the deal had gone through, two American whiskey powerhouses would have joined forces, potentially changing the national and global spirits landscape. In addition to the Brown-Forman brands mentioned before, Sazerac owns many different popular brands and distilleries, including Buffalo Trace where the eponymous bourbon is distilled along with highly collectible labels like Pappy Van Winkle (in partnership with the Van Winkle family), the Antique Collection, Eagle Rare, and W.L. Weller. A rep for Brown-Forman told Robb Report that while an official statement about the talks ending had not been issued, the company’s standard response is as follows: “Brown-Forman will continue to regularly explore and evaluate strategic opportunities as we do in our normal course of business.” A rep for Sazerac also declined to comment.

Unless something changes, Sazerac might not own whiskey brands like Woodford Reserve, Jack Daniel’s, and Old Forester anytime soon, but the company has been making moves in other sectors of the spirits industry. In late April, it announced a partnership with 818 Tequila, the celebrity brand backed by Kendall Jenner, as the exclusive U.S. sales and distribution supplier. While 818 is not exactly very highly regarded amongst many tequila aficionados, it has proven to be a very popular brand, particularly with younger drinkers (a shrinking sector, it should be said). And today Sazerac announced that it was entering into an “exclusive distribution relationship” with Sipmargs, a tequila RTD brand backed by social media personality Alex Earle. “Margaritas continue to be one of the staple go-to cocktails consumers reach for time and again,” said Jake Wenz, CEO of Sazerac, in a statement. “We’re looking forward to helping Sipmargs accelerate their already impressive momentum.”

These two brands might seem like curious acquisitions to the hardcore whiskey fans out there, but it’s worth remembering that Sazerac also owns Fireball and BuzzBallz, so the company clearly recognizes what brands have the potential to bring in revenue during what many see as a downturn for the industry. According to the Moore County Observer, Brown-Forman is set to release its fourth-quarter financial results on June 4 followed by a conference call, so we may know more about its current fiscal status at that point. We will report on any new developments as they occur.