Lifeway Foods falls after Danone drops takeover pursuit

** Shares of Kefir-maker Lifeway Foods LWAY.O down ~24% at $25.69 premarket

** French food group Danone, DANO.PA in SEC filing, says it will no longer pursue acquisition of Lifeway, adding it is in process of reviewing alternatives for its investment in LWAY

** Danone North America PBC, subsidiary of DANO, had offered to buy LWAY for $25 per share in cash in September 2024; LWAY had rejected revised unsolicited proposal in November last year, saying it undervalued co

** Danone currently owns 22.7% of outstanding shares of LWAY - data compiled by LSEG

** Up to last close, LWAY stock has risen ~36% YTD