LIFEWAY FOODS CONFIRMS RECEIPT OF REVISED, UNSOLICITED, NON-BINDING PROPOSAL FROM DANONE
Lifeway Foods (NASDAQ: LWAY) has received a revised, unsolicited, non-binding proposal from Danone to acquire all outstanding shares it doesn't already own for $27.00 per share in cash. Danone currently owns approximately 23.3% of Lifeway's outstanding common stock. This follows Lifeway's Board's rejection of Danone's initial proposal of $25.00 per share on November 5, 2024, which was deemed to undervalue the company. The Board, with independent advisors, will review the revised proposal. Evercore is serving as financial advisor and Sidley Austin LLP as legal counsel to Lifeway.
Lifeway Foods (NASDAQ: LWAY) ha ricevuto una proposta rivista, non sollecitata e non vincolante da parte di Danone per acquisire tutte le azioni in circolazione che non possiede già per 27,00 $ per azione in contante. Danone possiede attualmente circa il 23,3% delle azioni ordinarie di Lifeway. Ciò segue il rifiuto da parte del Consiglio di Amministrazione di Lifeway della proposta iniziale di Danone di 25,00 $ per azione del 5 novembre 2024, ritenuta un'offerta sottovalutativa per l'azienda. Il Consiglio, con l'aiuto di consulenti indipendenti, esaminerà la proposta rivista. Evercore funge da consulente finanziario e Sidley Austin LLP come consulente legale per Lifeway.
Lifeway Foods (NASDAQ: LWAY) ha recibido una propuesta revisada, no solicitada y no vinculante de Danone para adquirir todas las acciones en circulación que no posee ya por 27,00 $ por acción en efectivo. Danone posee actualmente aproximadamente el 23,3% de las acciones ordinarias en circulación de Lifeway. Esto sigue al rechazo por parte de la Junta de Lifeway de la propuesta inicial de Danone de 25,00 $ por acción del 5 de noviembre de 2024, que se consideró una infravaloración de la empresa. La Junta, con asesores independientes, revisará la propuesta revisada. Evercore actúa como asesor financiero y Sidley Austin LLP como asesor legal para Lifeway.
라이프웨이 푸드스 (NASDAQ: LWAY)는 다논으로부터 자사가 보유하지 않은 모든 주식을 현금으로 주당 27.00 달러에 인수하겠다는 수정된 비공식적 제안서를 받았습니다. 다논은 현재 라이프웨이의 보통주 약 23.3%를 보유하고 있습니다. 이는 라이프웨이 이사회가 2024년 11월 5일 다논의 초기 제안인 주당 25.00 달러를 회사의 가치를 평가절하한다고 판단하여 거부한 이후의 일입니다. 이사회는 독립 자문가와 함께 수정된 제안을 검토할 것입니다. 에버코어는 재무 자문 역할을 하고, 시들리 오스틴 LLP는 라이프웨이의 법률 자문을 맡고 있습니다.
Lifeway Foods (NASDAQ: LWAY) a reçu une proposition révisée, non sollicitée et non contraignante de Danone pour acquérir toutes les actions en circulation qu'elle ne possède pas encore pour 27,00 $ par action en espèces. Danone possède actuellement environ 23,3 % des actions ordinaires en circulation de Lifeway. Cela fait suite au rejet par le conseil d'administration de Lifeway de la première proposition de Danone de 25,00 $ par action le 5 novembre 2024, considérée comme sous-évaluant l'entreprise. Le conseil examinera la proposition révisée avec des conseillers indépendants. Evercore agit en tant que conseiller financier et Sidley Austin LLP en tant que conseiller juridique pour Lifeway.
Lifeway Foods (NASDAQ: LWAY) hat ein überarbeitetes, unverlangtes, nicht verbindliches Angebot von Danone erhalten, alle ausstehenden Aktien, die sie noch nicht besitzt, für 27,00 $ pro Aktie in bar zu erwerben. Danone besitzt derzeit etwa 23,3 % der ausstehenden Stammaktien von Lifeway. Dies folgt auf die Ablehnung des ursprünglichen Angebots von Danone in Höhe von 25,00 $ pro Aktie durch den Vorstand von Lifeway am 5. November 2024, das als unterbewertend für das Unternehmen angesehen wurde. Der Vorstand wird mit unabhängigen Beratern den überarbeiteten Vorschlag prüfen. Evercore fungiert als Finanzberater und Sidley Austin LLP als rechtlicher Berater von Lifeway.
- Increased acquisition offer from $25.00 to $27.00 per share, representing an 8% improvement
- Strategic interest from major industry player Danone indicates company's market value
- Board previously rejected $25.00 offer as substantially undervaluing the company
- Unsolicited nature of the proposal suggests potential hostile takeover attempt
Insights
The revised takeover bid from Danone represents a significant development in this potential acquisition. The new offer of
The premium offered appears modest given Lifeway's strong market position in the growing probiotics sector and their recent performance. The board's previous rejection citing undervaluation suggests they may be seeking a higher premium. Considering Danone's strategic interest in expanding their probiotic portfolio and Lifeway's established brand presence, there could be room for further price negotiations.
The involvement of Evercore as financial advisor indicates the board is preparing for a thorough evaluation of this revised offer. Key considerations will include synergy potential, market growth prospects and comparable industry transactions.
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
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
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
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SOURCE Lifeway Foods, Inc.
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