MORTON
GROVE, Ill., Nov. 20,
2024 /PRNewswire/ -- Lifeway Foods, Inc. (NASDAQ:
LWAY) (the "Company"), a leading U.S. supplier of kefir and
fermented probiotic products to support the microbiome, today
announced that its Board of Directors has rejected the revised
unsolicited proposal made on November 15,
2024 by Danone North America PBC ("Danone") to acquire all
the shares of Lifeway that it does not already own for $27.00 per share.
After careful and thorough consideration, conducted in
consultation with its independent financial and legal advisors, the
Board determined that Danone's revised proposal substantially
undervalues Lifeway and is not in the best interests of the Company
and its shareholders or other stakeholders.
Lifeway remains focused on executing its strategic plan to bring
kefir to more households while also expanding into adjacent
categories. The Company recently delivered its 20th
consecutive quarter of growth, posting double-digit year-over-year
revenue growth and improved profit margins in the third quarter of
2024. Over the past five and three years, the Company has delivered
total shareholder returns of 788% and 270%, respectively, (as
measured through September 23, 2024,
the last full trading day before Danone's initial unsolicited
proposal was publicly disclosed) far outperforming other high
growth food and beverage peers as well as the S&P 500.
The Company plans to continue to build on its strong momentum to
unlock additional shareholder value. The Board and management are
committed to acting in the best interests of all shareholders and
ensuring that they are able to realize the full potential value of
their investment.
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, plans 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:
Derek
Miller
Vice President of Communications, Lifeway Foods
Email: derekm@lifeway.net
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-rejects-revised-unsolicited-proposal-from-danone-302311373.html
SOURCE Lifeway Foods, Inc.