Lifeway Foods rejects revised unsolicited proposal from Danone

Lifeway Foods (LWAY) announced that its Board of Directors has rejected the revised unsolicited proposal made on November 15 by Danone North America PBC (DANOY) to acquire all the shares of Lifeway that it does not already own for $27.00 per share. After careful and thorough consideration, conducted in consultation with its independent financial and legal advisors, the Board determined that Danone’s revised proposal substantially undervalues Lifeway and is not in the best interests of the company and its shareholders or other stakeholders.