CHICAGO, Nov. 7, 2024 — On September 23, 2024, Danone SA (OTCQX: DANOY) proposed to acquire Lifeway Foods (NASDAQ: LWAY) for about $283 million, offering $25 per share in cash. But on November 6, Lifeway Foods’ board rejected the offer and adopted a “poison pill” plan to limit shareholder rights.

Edward and Ludmila Smolyansky, who are major shareholders and members of the Lifeway Foods founding family, released this statement in response:

“For nearly four decades, we’ve helped Lifeway grow by focusing on what’s best for the company’s future. We strongly support Danone’s offer. It’s a big premium over Lifeway’s recent share price and shows Danone’s confidence in the growing U.S. kefir market. We helped build that market from the beginning.

“As Lifeway gets ready for one of its most important and watched earnings reports, we’re still optimistic about the company’s potential. We believe Danone’s proposal is a great chance to increase value for all shareholders.

“We encourage the Lifeway board to carefully and honestly reconsider Danone’s offer. This is an opportunity to create lasting value for shareholders, employees, and consumers. CEO Julie Smolyansky and the board should focus on this real, profitable offer, not on distractions that waste time and money. The longer they wait, the more money they’ll miss out on, which hurts everyone.”

SOURCE Edward and Ludmila Smolyansky