Last week, the French giant made a revised offer of $27 per share to acquire the remaining shares it does not already own.

In a letter, Danone said it was “disappointed” by the response to its earlier $283 million proposal and noted the increased price “fully reflects the fundamental potential of the Company.”

Danone has submitted a second offer to acquire all outstanding shares of Lifeway’s common stock that’s $2 higher per share than its first offer.

Earlier this month, Lifeway rejected an initial offer of $25 per share, arguing the bid “substantially undervalued” the business.

Lifeway Foods said will review and evaluate the revised proposal. Danone currently owns about 23% of Lifeway’s outstanding common stock.