10:38 AM EST, 11/05/2024 (MT Newswires) -- Lifeway Foods ( LWAY ) said Tuesday its board has rejected an unsolicited offer from Danone North America PBC to buy the remaining shares of Lifeway it does not already own for $25 each.

The board has implemented a limited-duration shareholder rights plan, effective immediately, in response to the proposal, the company said.

Lifeway Foods ( LWAY ) said the board concluded that Danone's offer significantly undervalues the company.

The rights are set to expire on Nov. 4, 2025, unless redeemed, terminated, or exchanged earlier, the company added.

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