Shareholders in WhiteWave Foods Co. are expected tomorrow to approve Danone SA's $10.4 billion offer to buy the company.

The huge deal, announced in July, is expected to be approved despite the opposition of an organic-industry watchdog and activist group that claims the deal would be harmful to the U.S. organic dairy market.

The Wall Street Journal reported that investors' enthusiasm about the deal has waned: Since the deal was announced, shares in Denver-based WhiteWave have tumbled lower than the $56.25 offer.

The Journal noted that WhiteWave negotiated exclusively with Danone in buyout talks, rather than open the negotiations to more bids, which could have attracted a higher offer.

Read more at the Denver Business Journal: