The board of Lifeway Foods, which produces and markets the milk-based cultured beverage Kefir, has approved a two-for-one split of its common stock. The board also agreed an amendment to its charter to increase the number of its authorised common shares from 10m to 20m.

Both decisions remain subject to the approval of Lifeway's shareholders.

"Given the strength of our stock price, our solid financial performance over the past years and our positive outlook, we are confident that a split will make our stock more attractive and accessible to a larger universe of investors," said Lifeway's president Julie Smolyansky. "We also feel the added liquidity associated with this split will unlock some shareholder value. We have significant opportunities ahead of us, and we will continue to focus on delivering outstanding results and value to our shareholders."

The company said that shareholders holding greater than two-thirds of its outstanding shares have already approved the stock split and charter amendment by written consent. Lifeway intends to file a detailed Information Statement on the stock split with the Securities Exchange Commission (SEC) at the end of the month, and, after review by the SEC, this will be posted to all stockholders on or about 20 July. Under Illinois law, the written shareholder consent will become effective 20 days after the mailing of the Information Statement.