Critical Lifeway shareholders demand independent review of Danone's updated offer [Yahoo! Finance]
DANONE S/ADR (DANOY)
NASDAQ:AMEX Investor Relations:
danone.com/en/for-you/investors/investor-center/investor-relations-contacts
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Source: Yahoo! Finance
The announcement follows Lifeway's rejection of an updated bid of $27 per share for the shares not already owned by Danone, the French dairy conglomerate. Danone, which already owns 23.3% of Lifeway, claims the improved offer represents a 72% premium over the three-month volume-weighted average price of Lifeway's shares. Edward and Ludmila Smolyansky, who control approximately 29.7% of Lifeway's outstanding shares, have expressed support for the offer. In a statement, they highlighted Lifeway CEO Julie Smolyansky and her spouse Jason Burdeen's unwillingness to sell the company which makes kefir. The CEO believes a sale to Danone “would destroy her family's legacy,” said Edward and Ludmila, Julie's brother and mother, respectively. They added that “significant personal conflicts” raise questions about the CEO's capability to “fairly evaluate” Danone's proposal. According to the statement, Burdeen told Edward Smolyansky that CEO Julie Smolyansky would not permit a sale of L
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