Anne Wojcicki, co-founder and CEO of 23andMe Inc. during the South by Southwest (SXSW) Festival held in Austin, Texas, USA on Friday, March 10th, 2023.
Jordan Vondeher | Bloomberg | Getty Images
23andmeOn Monday, a special committee of independent directors rejected CEO Anne Wojcicki’s proposal to make the distressed genetic testing company private.
Wojcicki filed a proposal with the committee on Sunday, offering to acquire each of the company’s outstanding shares for 41 cents each, according to a filing with the Securities and Exchange Commission.
Stocks plummeted 33% on Monday, falling more than 99% from their 2021 peak, closing at $1.47.
Wojcicki and New Mountain Capital filed previous bids in February to make the company private at $2.53 per share. A few days later, New Mountain told Wojcicki that it had no interest in taking part in the potential acquisition and would halt the discussion, the filing said.
The 23Andme special committee said Wojcicki’s proposal, according to a release on Monday, has decided not to move forward, representing an 84% decrease from previous offers.
“The special committee has consulted with the financial and legal counsel to consider Ms. Voicsicki’s offer to acquire Ms. Voicsicki and unanimously decided to reject the proposal,” the director said.
A representative of 23andme declined to comment.
Following turbulence in 2024, 23AndMe announced plans in January to explore strategic alternatives, such as selling, restructuring, or combining business with the company or its assets.
Wojcicki previously submitted a proposal to keep the company private at 40 cents per share in July, but it was rejected by a special committee. This is because the members said they had no commitment to fundraising and were not offering a premium at the time’s closing price.
Watch: 23andMe ascending and descending
