Lifeway sets $6 million stock 'Dutch auction'

MORTON GROVE - Lifeway Foods has commenced a "modified Dutch auction" tender offer for up to $6 million of its common stock at a price per share not less than $8.50 and not greater than $9.50.

The tender offer will expire at 4 p.m. July 25, unless extended by the company.

Tenders of shares must be made on or prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer, in each case, in accordance with the procedures described in the tender offer materials.

A "modified Dutch auction" tender offer allows shareholders to indicate how many shares and at what price within the company's specified range they wish to tender. Based on the number of shares tendered and the prices specified by the tendering shareholders, the company will determine the lowest price per share within the specified range that will enable the company to purchase shares having an aggregate purchase price of up to $6 million.

If the tender offer is fully subscribed, the company would repurchase a total of approximately $6 million of its common stock through the tender offer, representing approximately 3.9 percent to 4.4 percent of the company's outstanding shares of common stock as of June 23.

The dealer manager for the tender offer Georgeson Securities Corporation. Georgeson LLC. is serving as information agent for the tender offer and Computershare, Inc. is serving as the depositary for the tender offer.

Neither Lifeway, its directors, the dealer manager, the information agent, nor the depositary makes any recommendation as to whether to tender shares or as to the price at which to tender them.