MORTON GROVE, ILL. — Fermented dairy manufacturer Lifeway Foods, Inc. once again dismissed a lucrative, unsolicited offer from Danone North America PBC to acquire all outstanding shares of the company.

The kefir maker announced Nov. 20 its board of directors vetoed the latest offer from Danone, which came in this past week at $27 per share, or roughly $306.7 million.

It marked the second time this month that Lifeway rejected a proposal from the corporation, with Lifeway first saying no to Danone’s offer of $25 per share – approximately $283.4 million.

Lifeway shared that its board consulted with independent financial and legal advisors before reaching the same conclusion it did on the first offer, determining the proposal “substantially undervalues Lifeway and is not in the best interests of the company and its shareholders or other stakeholders.”

Data shared by Lifeway revealed that the company has delivered total shareholder returns of 788% over the past five years and 270% over the past three, as of Sept. 23, the last trading day prior to Danone’s first unsolicited offer.