Anne Wojcicki, co-founder and Chief Government Officer of 23andme Inc., in the course of the South by Southwest (SXSW) competition in Austin, Texas, US, on Friday, March 10, 2023.
Jordan Vonderhaar | Bloomberg | Getty photos
23andmeThe Particular Committee of Unbiased Administrators rejected the proposal of CEO Anne Wojcicki on Monday to take the ailing genetic take a look at firm personal.
Wojcicki submitted a proposal to the committee on Sunday and supplied to accumulate all excellent shares of the corporate for 41 cents every, in response to an software on the US Securities and Alternate Fee.
The share fell on Monday 33% to shut to $ 1.47, a lower of greater than 99% in comparison with its peak in 2021.
Wojcicki and New Mountain Capital made an earlier supply in February to take the corporate personal for $ 2.53 per share. Days later, New Mountain advised Wojcicki that it was not concerned about taking part in a doable acquisition and would cease the discussions, in response to the submission.
The particular committee of 23andme mentioned that Wojcicki’s proposal represented a lower of 84% in comparison with the sooner provide and decided to not go additional, in response to a launch on Monday.
“The particular committee has revised the acquisition proposal of Mrs. Wojcicki in session with its monetary and authorized advisers and unanimously decided to reject the proposal,” mentioned the administrators.
23andme didn’t instantly reply to CNBC’s request for feedback.
After a turbulent 2024, 23andMe plans introduced in January to discover strategic options, together with a sale of the corporate or its property, a restructuring or a enterprise mixture.
Wojcicki has beforehand submitted a proposal to take the corporate 40 cents per share in July, but it surely was rejected by the particular committee, partly as a result of the members mentioned that it had no devoted financing and didn’t give a premium on the closing race at the moment.
WATCH: The rise and reduce of 23andme
