Anne Wojcicki, co -founder and executive director of 23Andme Inc., during the South By Southwest (SXSW) festival in Austin, Texas, USA, on Friday, March 10, 2023.
Jordan Vonderhaar | Bloomberg | Getty images
23 andThe Special Committee of Independent Directors rejected on Monday the proposal of the CEO Anne Wojcicki to take the genetic test company in private difficulties.
Wojcicki presented a proposal to the Committee on Sunday, offering to acquire all the company's in circulation actions by 41 cents each, according to a presentation before the United States Stock Exchange and Securities Commission.
The shares fell 33% on Monday to close at $ 1.47, more than 99% since its peak in 2021.
Wojcicki and New Mountain Capital presented an earlier offer in February to take the company in private for $ 2.53 per share. Days later, New Mountain told Wojcicki that he was no longer interested in participating in a possible acquisition and would suspend the discussions, according to the presentation.
The 23Andme Special Committee said that Wojcicki's proposal represented a decrease of 84% of the previous offer and decided not to advance, according to a statement on Monday.
“The Special Committee has reviewed the acquisition proposal of Mrs. Wojcicki in consultation with its financial and legal advisors, and has unanimously determined to reject the proposal,” said the directors.
A 23Andme representative declined to comment.
After a turbulent 2024, 23Andme announced plans in January to explore strategic alternatives, which could include a sale of the company or its assets, a restructuring or a business combination.
Wojcicki previously presented a proposal to take the company in private for 40 cents per share in July, but was rejected by the special committee, partly because the members said that it lacked compromised financing and that it did not provide a premium at the closing price at that time.
LOOK: The promotion and fall of 23Andme
