23andMe rejects CEO Wojcicki take-private offer

[August 02, 2024]  (Reuters) - 23andMe said on Friday that it will not go ahead with CEO Anne Wojcicki's take-private offer and has asked her to withdraw any plan to oppose any alternative deal.

Wojcicki on Wednesday made a non-binding proposal to 23andMe's board to acquire all outstanding shares of the company not already owned by her or her affiliates for $0.40 per share.

A special panel formed by the genetic testing firm rejected the CEO's proposal for reasons such as not providing any premium to Wednesday's closing price per share.

The company said it sees the offer as insufficient and not in the best interests of the non-affiliated shareholders.

(Reporting by Sriparna Roy in Bengaluru; Editing by Sonia Cheema and Shailesh Kuber)

Attendees purchase DNA kits at the 23andMe booth at the RootsTech annual genealogical event in Salt Lake City, Utah, U.S., February 28, 2019. REUTERS/George Frey/File Photo

[© 2024 Thomson Reuters. All rights reserved.]This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.