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 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' board, including the exclusion of Jason Burdeen from their evaluation of Danone's proposal. Burdeen is the spouse of Lifeway Foods Chief Executive Officer Julie Smolyansky, daughter of Ludmila and sister of Edward.

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

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