MORTON
GROVE, Ill., Sept. 24,
2024 /PRNewswire/ -- Lifeway Foods, Inc.
(Nasdaq: LWAY) ("Lifeway" or "the Company"), a leading U.S.
supplier of kefir and fermented probiotic products to support the
microbiome, confirmed that it has received an unsolicited,
non-binding proposal from Danone North America PBC ("Danone") to
acquire all outstanding shares of common stock of Lifeway it does
not already own for $25.00 per share
in cash. According to the Schedule 13D amendment filed yesterday
with the U.S. Securities and Exchange Commission disclosing the
proposal, Danone beneficially owns approximately 23.4% of
Lifeway's outstanding common stock.
Consistent with its fiduciary duties, Lifeway's board of
directors, in consultation with its independent outside advisors,
will carefully review and evaluate the proposal to determine the
course of action that it believes is in the best interests of the
Company and its stakeholders.
The Company does not undertake any obligation to provide any
updates with respect to this or any other proposal or transaction,
except as required under applicable law.
Lifeway shareholders do not need to take any action at this
time.
About Lifeway Foods, Inc.
Lifeway Foods, Inc., which has been recognized as one of Forbes'
Best Small Companies, is America's leading supplier of the
probiotic, fermented beverage known as kefir. In addition to its
line of drinkable kefir, the company also produces a variety of
cheeses and a ProBugs line for kids. Lifeway's tart and tangy
fermented dairy products are now sold across the United States, Mexico, Ireland, South
Africa and France. Learn
how Lifeway is good for more than just you at lifewayfoods.com.
Contacts:
Derek Miller
Vice President of Communications, Lifeway Foods
Email: derekm@lifeway.net
OR
Longacre Square Partners
Joe Germani / Miller Winston
Email: LWAY@longacresquare.com
Forward-Looking Statements
This release (and oral statements made regarding the subjects of
this release) contains "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995 regarding,
among other things, future operating and financial performance,
product development, market position, business strategy and
objectives. These statements use words, and variations of words,
such as "continue," "build," "future," "increase," "drive,"
"believe," "look," "ahead," "confident," "deliver," "outlook,"
"expect," and "predict." Other examples of forward-looking
statements may include, but are not limited to, (i) statements of
Company plans and objectives, including the introduction of new
products, or estimates or predictions of actions by customers or
suppliers, (ii) statements of future economic performance, and
(III) statements of assumptions underlying other statements and
statements about Lifeway or its business. You are cautioned not to
rely on these forward-looking statements. These statements are
based on current expectations of future events and thus are
inherently subject to uncertainty. If underlying assumptions prove
inaccurate or known or unknown risks or uncertainties materialize,
actual results could vary materially from Lifeway's expectations
and projections. These risks, uncertainties, and other factors
include: price competition; the decisions of customers or
consumers; the actions of competitors; changes in the pricing of
commodities; the effects of government regulation; possible delays
in the introduction of new products; and customer acceptance of
products and services. A further list and description of these
risks, uncertainties, and other factors can be found in Lifeway's
Annual Report on Form 10-K for the fiscal year ended December
31, 2023, and the Company's subsequent filings with the SEC. Copies
of these filings are available online
at https://www.sec.gov, http://lifewaykefir.com/investor-relations/, or
on request from Lifeway. Information in this release is as of the
dates and time periods indicated herein, and Lifeway does not
undertake to update any of the information contained in these
materials, except as required by law. Accordingly, YOU SHOULD NOT
RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION
CONTAINED IN ANY ARCHIVED PRESS RELEASE
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SOURCE Lifeway Foods, Inc.