11:11 AM EST, 11/22/2024 (MT Newswires) -- Lifeway Foods ( LWAY ) founding shareholders Edward and Ludmila Smolyansky, who own a combined stake of about 29.7%, urged the company's board Friday to create a special committee that will evaluate and negotiate a transaction with Danone or other potential buyers.

Lifeway Foods ( LWAY ) said earlier this week that it rejected Danone North America's revised offer to acquire all the shares of the company that it does not already own for $27 in cash per share.

Mother and son Ludmila and Edward are also urging for other actions from Lifeway Foods' ( LWAY ) board, including the exclusion of Jason Burdeen from their evaluation of Danone's proposal. Burdeen is the spouse of Lifeway Foods ( LWAY ) Chief Executive Officer Julie Smolyansky, daughter of Ludmila and sister of Edward.

Lifeway Foods ( LWAY ) did not immediately respond to MT Newswires' request for comment.

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