Lifeway Foods (LWAY) said Wednesday that it has rejected an unsolicited Nov. 15 proposal by Danone North America to acquire all the shares of the company it does not already own for $27.00 per share.
The dairy products maker said that it and its advisers have concluded that Danone's latest offer "substantially undervalues Lifeway and is not in the best interests of the company and its shareholders or other stakeholders."
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