Lifeway rejects Danone's $27/share revised proposal, citing substantial undervaluation

Lifeway Foods, Inc.

Board determined $27/share proposal substantially undervalues the company; not opposed to sale at any price.
Lifeway achieved 20 consecutive fiscal quarters of year-over-year topline growth; 788% total shareholder return over 5 years.
Revenue grew from $94M in 2019 to $160M in 2023 (71% increase, 14% CAGR); gross profit up 92%.
Forecasts 2027 Adjusted EBITDA of $45-50M; Danone's $27/share implies only ~7.5x-8.5x EBITDA, excluding synergies.
Company also issued a legal letter arguing the 1999 Stockholders' Agreement with Danone is invalid under Illinois law.

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