Lifeway Foods has reached a “co-operation” deal with minority shareholder Danone, ending a strained relationship. Talks between the companies began this summer to “reset” and discuss a potential acquisition. Danone will not make another offer and may sell its 22.7% stake. Lifeway will refresh its board and separate the roles of chair and CEO.

The agreement will bring four new directors to Lifeway’s board and halt litigation with Danone. The companies will comply with a shareholder agreement that had caused tension. Danone will not support the move to replace Lifeway’s board before June 2023. A long-running family dispute led to a proposal to replace Lifeway’s board.

Under the new deal, three new independent directors will join Lifeway’s board. Director Pol Sikar will leave by 2025, and two more by 2026. Just Food has sought comments from Danone and the Smolyansky family. The agreement aims to bring stability and clarity to Lifeway, focusing on growth and shareholder value.

Read more at Yahoo Finance: Lifeway to shake-up board after Danone “co-operation” deal