Lifeway Foods Inc.'s board of directors rejected the unsolicited proposal made on Sept. 23 by Danone North America PBC to acquire all the shares of Lifeway that it does not already own for $25 per share.
"After careful and thorough consideration, conducted in consultation with its independent financial and legal advisors, the board determined that Danone's opportunistic proposal substantially undervalues Lifeway and is not in the best interests of the company and its shareholders or other stakeholders. In addition, in response to Danone's proposal and its substantial ownership position in the Company, the board adopted a limited duration shareholder rights plan, effective immediately," Lifeway revealed in a statement.
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