Is Lifeway's rejection of Danone bid shrewd or a gamble? [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
And it will also raise questions about the strategy of both businesses. Alpro and Activia maker Danone already holds a 23.4% interest in the Nasdaq-listed Lifeway. In September, the French dairy giant revealed it wanted to own the business outright, offering to buy the remaining shares at $25 a piece. The proposed move attracted a positive reaction from industry analysts covering the sector, who could see benefits for both businesses But Lifeway has rejected Danone's offer, arguing it undervalued the business. When Danone made its bid, the company said it amounted to a 59% premium to $15.74, Lifeway's average price during the previous three months. Danone, which had not commented on Lifeway's decision at the time of writing, may well go back in with an improved offer of course but, in the meantime, Lifeway has announced a rights issue. Lifeway said the plan is intended to enable all shareholders to realise the full value of their investment in the business. However, it will
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