Lifeway Foods falls after Danone drops takeover pursuit

** Shares of Kefir-maker Lifeway Foods LWAY.O fall as much as 24.1% to $25.66 in early trade

** Stock set for its worst day since November 2023, if losses hold

** 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; It hit a record high of $34.30 on Wednesday