Edward and Ludmila Smolyansky provided an update on their consent solicitation process on July 11, 2025, stating it is gaining momentum despite Lifeway's claims of legal deficiency. They asserted that Lifeway failed to acknowledge their formal request for a record date and shareholder list made on June 17, 2025.
The Smolyanskys highlighted recent securities filings indicating that Jason Scher, the Lead Independent Director and Chairperson of the Audit and Corporate Governance Committee, sold 24,566 of his 24,567 shares for nearly $600,000 at an average price of $24.23. They believe this violates the Company's director stock ownership and holding policy and contradicts the board's stance that Danone's $27 offer undervalued the company.
They called on the Board to address why Scher's sales do not violate its policy and how they are consistent with the Board's purported view on Danone's offer. This development further intensifies the proxy contest and raises serious questions about the board's integrity and alignment with shareholder interests.
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