Danone Offers to Buy Lifeway Foods for $283.4 Million

By Connor Hart

Danone has offered to buy the shares of Lifeway Foods that it doesn't already own for about $283.4 million.

The acquisition would be wholly funded in cash from existing reserves and is not contingent on any financing requirements, according to a Securities and Exchange Commission filing Monday.

Danone, a Paris-based food and beverage company, already owns about 3.45 million shares of Lifeway, representing about 23% of the Illinois-based food manufacturer's 14.8 million outstanding shares as of Aug. 6. It offered to buy all outstanding shares of Lifeway that it did not already own for $25 each.

The company said it intends to engage in discussions with Lifeway regarding the proposed acquisition. Danone warned that terms of the acquisition proposal could change, as there is no guarantee a deal will take place and no legally-binding obligation between the companies ahead of entering mutually-acceptable definitive documentation.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

September 23, 2024 17:06 ET (21:06 GMT)

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