CHICAGO, Nov. 7, 2024
/PRNewswire/ -- On September 23,
2024, Danone SA (OTCQX: DANOY) proposed to acquire Lifeway
Foods (NASDAQ: LWAY) in a transaction valued at approximately
$283 million, offering $25 per share in cash. However, on November 6, the Lifeway Foods Board of Directors
rejected the offer, instead adopting a "poison pill" limited
shareholder rights plan.
Edward and Ludmila Smolyansky,
significant shareholders and members of Lifeway Foods' founding
family, released the following statement in response:
"For nearly four decades, we have fostered Lifeway's growth with
careful attention to what is best for the company's future. Today,
we strongly support Danone's offer, which represents a substantial
premium over Lifeway's recent share price and reflects their
confidence in the growing U.S. kefir market — a category we helped
build from the ground up.
"As we approach one of most significant and closely watched
earnings releases in Lifeway's history, we remain optimistic about
the company's potential and believe that Danone's proposal presents
a unique opportunity to enhance value for all shareholders.
"We encourage the Lifeway board to carefully and in good faith
reconsider Danone's offer and seize this opportunity to deliver
lasting value to shareholders, employees, and consumers. CEO
Julie Smolyansky and the board need
to focus on the tangible, lucrative offer in front of them, not on
futile distractions that waste valuable time and resources. The
longer they wait, the more money they will leave on the table, to
the detriment of all."
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SOURCE Edward and Ludmila
Smolyansky