By Connor Hart
France's Danone is offering to acquire Lifeway Foods at a higher price after the Morton Grove, Ill., maker of probiotic foods rejected its previous offer.
Lifeway on Friday said that Danone offered to purchase all of its shares that it didn't already own for $27 apiece in cash. The company currently owns about 23% of Lifeway's outstanding common stock.
The company's board, in consultation with its independent outside advisors, will review and evaluate the revised proposal, it said.
In September, Paris-based Danone made an unsolicited proposal to buy the rest of Lifeway for about $283.4 million, or about $25 a share.
Earlier this month, however, Lifeway's board rejected the offer and adopted a limited-duration stockholder-rights plan, also known as a "poison pill," with a 20% trigger, in response to the approach, adding that the plan would also be triggered if Danone increases its stake.
Poison pills are anti-takeover measures that flood the market with new shares, making it more expensive for suitors to acquire a controlling stake in a company.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
November 15, 2024 16:51 ET (21:51 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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