Lifeway Foods confirms $27.00 per share buyout proposal from Danone

Lifeway Foods (LWAY) confirmed that it has received a revised, unsolicited, non-binding proposal from Danone North America (DANOY) to acquire all outstanding shares of common stock of Lifeway it does not already own for $27.00 per share in cash. According to the Schedule 13D amendment filed with the U.S. SEC disclosing the revised proposal, Danone beneficially owns approximately 23.3% of Lifeway’s outstanding common stock. On November 5, Lifeway announced that its Board of Directors had rejected Danone’s initial unsolicited, non-binding proposal to acquire all the shares of Lifeway that it does not already own for $25.00 per share because the Board determined that the initial proposal substantially undervalued Lifeway and was not in the best interests of the company and its shareholders and other stakeholders. Consistent with its fiduciary duties, Lifeway’s board of directors, in consultation with its independent outside advisors, will carefully review and evaluate the revised proposal to determine the course of action that it believes is in the best interests of the company and its shareholders and other stakeholders.