Edward and Ludmila Smolyansky, significant shareholders and members of Lifeway Foods' founding family, publicly announced their strong support for Danone's $25 per share acquisition offer on November 7, 2024. They believe the offer represents a substantial premium over Lifeway's recent share price.
The Smolyanskys urged the Lifeway board to reconsider Danone's offer, stating that it presents a unique opportunity to enhance value for all shareholders. They criticized CEO Julie Smolyansky and the board for adopting a 'poison pill' shareholder rights plan, calling it a 'futile distraction'.
This statement highlights a clear division within the company's major shareholders regarding the strategic direction and the evaluation of external acquisition proposals. The founding family's support for the bid adds pressure on the current board.
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