MORTON
GROVE, Ill., Nov. 15,
2024 /PRNewswire/ -- Lifeway Foods, Inc. (NASDAQ:
LWAY) ("Lifeway" or the "Company"), a leading U.S. supplier of
kefir and fermented probiotic products to support the microbiome,
confirmed that it has received a revised, unsolicited, non-binding
proposal from Danone North America PBC ("Danone") to acquire all
outstanding shares of common stock of Lifeway it does not already
own for $27.00 per share in cash.
According to the Schedule 13D amendment filed today with the U.S.
Securities and Exchange Commission disclosing the revised proposal,
Danone beneficially owns approximately 23.3% of Lifeway's
outstanding common stock.
On November 5, 2024, Lifeway
announced that its Board of Directors (the "Board") had rejected
Danone's initial unsolicited, non-binding proposal to acquire all
the shares of Lifeway that it does not already own for $25.00 per share because the Board determined
that the initial proposal substantially undervalued Lifeway and was
not in the best interests of the Company and its shareholders and
other stakeholders.
Consistent with its fiduciary duties, Lifeway's board of
directors, in consultation with its independent outside advisors,
will carefully review and evaluate the revised proposal to
determine the course of action that it believes is in the best
interests of the Company and its shareholders and other
stakeholders.
The Company does not undertake any obligation to provide any
updates with respect to this or any other proposal or transaction,
except as required under applicable law.
Lifeway shareholders do not need to take any action at this
time.
Evercore is serving as a financial advisor to Lifeway and Sidley
Austin LLP is serving as legal counsel to Lifeway.
About Lifeway Foods, Inc.
Lifeway Foods, Inc.,
which has been recognized as one of Forbes' Best Small Companies,
is America's leading supplier of the probiotic,
fermented beverage known as kefir. In addition to its line of
drinkable kefir, the Company also produces a variety of cheeses and
a ProBugs line for kids. Lifeway's tart
and tangy fermented dairy products are now sold across the United States, Mexico, Ireland, South
Africa, United Arab
Emirates and France. Learn
how Lifeway is good for more than just you at
lifewayfoods.com.
Forward-Looking Statements
This release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include all statements that are not historical
statements of fact and those regarding our intent, belief or
expectations for our business, operations, financial performance or
condition. These statements use words such as "continue,"
"believe," "expect," "anticipate," "plan," "project," "estimate,"
"outlook," and similar expressions or future or conditional verbs
such as "will," "should," "would," "may" and "could." You are
cautioned not to rely on these forward-looking statements. These
forward-looking statements are made as of the date of this press
release, are based on current expectations of future events and
thus are inherently subject to a number of risks and uncertainties,
many of which involve factors or circumstances beyond
Lifeway's control. If underlying assumptions prove inaccurate
or known or unknown risks or uncertainties materialize, actual
results could vary materially from Lifeway's
expectations and projections. These risks, uncertainties and
other factors include: price competition; the decisions of
customers or consumers; the actions of competitors; changes in the
pricing of commodities; the effects of government regulation;
possible delays in the introduction of new products; customer
acceptance of products and services; and other factors discussed in
Part I, Item 1A "Risk Factors" of Lifeway's Annual
Report on Form 10-K for the fiscal year ended December 31, 2023 and Part II, Item 1A "Risk
Factors" of Lifeway's Quarterly Report on Form 10-Q
for the fiscal quarter ended September 30,
2024. Lifeway expressly disclaims any
obligation to update any forward-looking statements (including,
without limitation, to reflect changed assumptions, the occurrence
of anticipated or unanticipated events or new information), except
as required by law.
Contacts:
Perceptual Advisors
Dan Tarman
Email: dtarman@perceptualadvisors.com
OR
Longacre Square Partners
Joe Germani / Miller Winston
Email: LWAY@longacresquare.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lifeway-foods-confirms-receipt-of-revised-unsolicited-non-binding-proposal-from-danone-302307477.html
SOURCE Lifeway Foods, Inc.