Lifeway Foods (LWAY) said Tuesday its board rejected Danone North America's revised acquisition offer of $27 per share because it "substantially undervalues" the company.
"The board is not, however, opposed to the sale of the company at any price," the company said in a statement, explaining the rejection last week of Danone's offer.
The supplier of kefir and fermented probiotic products said its revenue has grown for 20 consecutive quarters, with gross profit increasing 92% from 2019 to 2023.
Lifeway said it expects adjusted earnings before interest, taxes, depreciation, and amortization to more than double to between $45 million and $50 million by 2027. Danone's offer implies a "very low multiple" of 7.5x to 8.5x EBITDA, the company said.
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