23andMe Rejects CEO’s Take-Private Offer

Reuters (8/2, Roy) reported, “Genetic testing firm 23andMe 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, the company said on Friday.” Wojcicki’s “non-binding proposal, disclosed in a regulatory filing on Wednesday,” aimed “to acquire all outstanding shares of 23andMe not already owned by her or her affiliates for $0.40 per share.” The proposal was rejected by “a special committee formed by the company...as it saw the offer as insufficient and not in the best interests of the non-affiliated shareholders.” In its response, the committee “said it was prepared to provide her and potential investors additional time to submit a revised proposal in line with the company’s expectation,” though “other alternatives will be pursued to maximize value for shareholders, in the absence of a revised offer, the panel added.”