Lifeway Foods Stock Jumps Following Acquisition Offer
By Connor Hart
Shares of Lifeway Foods surged after Danone offered to buy all of the outstanding shares of the company that it doesn't already own for about $283.4 million.
The stock jumped 16% to $25.03 in after-hours trading Monday. Shares ended the regular session up 1.2% at $21.50, putting them up 60% since the beginning of the year.
The Illinois-based food manufacturer as of Aug. 6 had about 14.8 million outstanding shares, of which about 23%, or 3.45 million, are already owned by Danone, a Paris-based food and beverage company.
Danone offered to buy all outstanding shares of Lifeway that it doesn't already own for $25 each. 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.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
September 23, 2024 17:41 ET (21:41 GMT)
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