Anne Wojcicki attended the WSJ Magazine Style & Tech Dinner held in Atherton, California on March 15th, 2023.
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23andme CEO Anne Wojcicki and New Mountain Capital filed a proposal to make the fight’s genetic testing company private, according to a Friday filing with the US Securities and Exchange Commission .
Wojcicki and New Mountain offer to acquire all 23andmes outstanding shares in cash at a share value of $2.53 per share, or approximately $74.7 million. The company’s shares closed at $2.42 on Friday, with a market capitalization of about $65 million.
The offer comes after a turbulent year for 23andMe, with the stock losing more than 80% of its value in 2024. In January, the company announced plans to explore strategic alternatives, including selling and restructuring the company or its assets. Or a business combination.
23AndMe has a special committee of independent directors to assess potential routes. The company appointed three new independent directors to the board in October after abruptly resigning from the previous month. The special committee must approve the proposals of Wojcicki and New Mountain.
“We believe our proposals provide persuasive value and immediate liquidity to the company’s public shareholders,” said Wozicchikki and Matthew Holt, managing directors and presidents of private equity at New Mountain. I wrote in a letter to the Special Committee on Thursday.
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. .
Wojcicki and New Mountain are willing to provide secure debt financing to fund 23andme’s operations through transaction deadlines, the filing said. New Mountain is based in New York and has $55 billion in assets under its control, according to its website.
23andme declined to comment.
Watch: 23andMe ascending and descending
