---
schema_version: "secwatch.filing_event.v1"
accession: "0001839882-24-040275"
form_type: "8-K/A"
ticker: "LWAY"
cik: "0000814586"
company_name: "Lifeway Foods, Inc."
filed_at: "2024-11-20T23:59:59+00:00"
generated_at: "2026-05-29T22:15:03.511019+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Lifeway rejects Danone's revised $27.00/share proposal; declares 1999 stockholder agreement void

## Summary
- Lifeway's Board rejected Danone's revised unsolicited proposal to acquire all shares not already owned for $27.00/share, calling it substantially undervalued.
- The company posted its 20th consecutive quarter of double-digit revenue growth and improved margins in Q3 2024.
- Lifeway's CEO sent a letter to Danone detailing how the 1999 Stockholders' Agreement has restricted the company's ability to issue equity, pursue strategic alternatives, and compete.
- Lifeway's counsel asserted the Stockholders' Agreement is void under Illinois law for lack of unanimous approval and anti-competitive effects, demanding waiver by Nov 15.
- The Board adopted a limited-duration shareholder rights plan in response to Danone's proposal.

## SEC filing metadata
- accession: 0001839882-24-040275
- form_type: 8-K/A
- ticker: LWAY
- cik: 0000814586
- company_name: Lifeway Foods, Inc.
- filed_at: 2024-11-20T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/814586/000183988224040275/0001839882-24-040275-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/814586/000183988224040275/lway-8ka_112024.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001839882-24-040275
- JSON: https://secwatch.observer/filing/0001839882-24-040275.json
- Plain text: https://secwatch.observer/filing/0001839882-24-040275.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.