Anne Wojcicki, co-founder and chief executive officer of 23andme Inc., during the South by Southwest (SXSW) festival in Austin, Texas, US, on Friday, March 10, 2023.
Jordan Vonderhaar | Bloomberg | Getty Images
23andMe‘s special committee of independent directors on Monday rejected CEO Anne Wojcicki’s proposal to take the distressed genetic testing company private.
Wojcicki submitted a proposal to the committee on Sunday, offering to acquire all of the company’s outstanding shares for 41 cents each, according to a filing with the U.S. Securities and Exchange Commission.
The stock plunged 33% on Monday to close at $1.47, down more than 99% from its peak in 2021.
Wojcicki and New Mountain Capital submitted a prior bid in February to take the company private for $2.53 per share. Days later, New Mountain told Wojcicki it was no longer interested in participating in a potential acquisition and would discontinue discussions, the filing said.
23andMe’s special committee said that Wojcicki’s proposal represented an 84% decrease from the prior offer and determined not to go forward, according to a release on Monday.
“The Special Committee has reviewed Ms. Wojcicki’s acquisition proposal in consultation with its financial and legal advisors, and has unanimously determined to reject the proposal,” the directors said.
A 23andMe representative declined to comment.
Following 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 submitted a proposal to take the company private for 40 cents per share in July, but it was rejected by the special committee, in part because the members said it lacked committed financing and did not provide a premium to the closing price at the time.
WATCH: The rise and fall of 23andMe
