By Colin Kellaher
Lifeway Foods has rejected a sweetened buyout bid from top shareholder Danone, once again saying the French company's proposal substantially undervalues the maker of probiotic foods.
Danone, which already owns 23% of Lifeway, last week raised its offer to buy the rest of the Morton Grove, Ill., company to $27 a share from $25.
Lifeway, which previously rejected the first bid and adopted a poison-pill shareholder rights plan, on Wednesday said its board determined that the revised proposal isn't in the best interests of the company and its shareholders.
Lifeway shares, which closed Tuesday at $25.34, were unchanged in premarket trading Wednesday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 20, 2024 07:52 ET (12:52 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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