MORTON GROVE, ILL. — Lifeway Foods, Inc. has rejected Danone SA’s second offer to acquire the company. The manufacturer of fermented dairy products said Nov. 20 that its board of directors vetoed the latest offer from Danone, which came in this past week at $27 per share, or roughly $306.7 million.
It is the second time this month Lifeway Foods has rejected a proposal from Danone, with Lifeway first saying no to an offer of $25 per share — approximately $283.4 million.
Lifeway said its board consulted with independent financial and legal advisers before reaching the same conclusion it did on the first offer, determining the proposal “substantially undervalues Lifeway and is not in the best interests of the company and its shareholders or other stakeholders.”
