stock sale of the 137-year-old liquor empire born on the sugar plantations of Cuba.

"Our study of the implications of a possible public equity offering provided many valuable insights,'' Manuel Jorge Cutillas, chairman of the Bermuda-based company, said in a release yesterday. "The board of directors concluded, however that the designed consensus of our shareholders does not exist at this time.'' Bacardi's board met last month with New York investment houses and lawyers to discuss an IPO that would have valued the company at $4.5 billion to $5 billion.

The Bacardi name is on the world's largest selling brand of liquor.