A special committee of the board of directors of 23andMe rejected an offer from the company’s co-founder and CEO, Anne Wojcicki, to take the company private.
In a letter made public Friday, the board said that Wojcicki’s proposal failed to offer a premium to 23andMe’s current stock price, did not have committed financing from other investors, and came with other conditions it rejected. The letter also asked Wojcicki to withdraw her opposition to an alternative transaction so that the board can assess whether there is interest from other potential buyers.
“Our expectation after months of work was that you would submit a fully-financed, fully-diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders,” the committee wrote.
