But over time, Danone arguably became more predator than partner. For the last several years, CEO Julie Smolyansky reportedly has grown frustrated as Danone apparently failed to use its global footprint to help Lifeway with goals like international expansion and cheaper sourcing of key ingredients. The milk came to a boil last year, when the French company surprised Ms. Smolyansky by making a public announcement of a $25-a-share takeover offer with virtually no notice. The board rejected that offer, prompting Danone to bump it to $27 a share, which also was rebuffed. But not all shareholders objected to the deal. Ms. Smolyansky's mother, Ludmila Smolyansky and brother, Edward Smolyansky, who have a 26% combined stake were supportive of a sale – even at $25 a share. Both the mother and brother were previously on the board of directors and for years have made known their desire to remove Ms. Smolyansky as CEO.