MORTON GROVE, ILL. — Danone North America PBC remains persistent in its pursuit of fermented dairy manufacturer Lifeway Foods, Inc., which shared Nov. 15 that Danone – already rebuffed by Lifeway once earlier this month – followed up with a revised, unsolicited proposal to acquire all outstanding shares in the company's common stock.

The initial offer from Danone in September equated to about $283.4 million, at $25 per share. The second proposal, Lifeway revealed, offered $27 per share. With approximately 11.36 million available shares in the mix, Danone’s latest offer is equivalent to roughly $306.7 million.

Lifeway and its board of directors rejected the first offer Nov. 5, describing the non-binding proposal from Danone as one that substantially undervalued the kefir manufacturer.

Per the US Securities and Exchange Commission filing on the amended proposal, Danone already owns approximately 23.3% of Lifeway's outstanding common stock.

Per Lifeway, its board of directors consults with independent outside advisors on such matters, and the board “will carefully review and evaluate the revised proposal to determine the course of action that it believes is in the best interests of the company and its shareholders and other stakeholders.”