“We believe that our proposal provides significant value to the company and its stockholders and that moving forward with our proposal is in the best interests of the company and its customers, employees, and unaffiliated stockholders,” the letter asserted. “We are available at your convenience to discuss any aspects of our proposal.”
A Struggling Company at a Crossroads
The nonbinding offer aims to acquire all outstanding shares of common stock not already owned by Wojcicki or her affiliates at a price of $2.53 per share in cash. This move comes at a crucial time for 23andMe, which faced a tumultuous year marked by leadership shakeups and cybersecurity concerns.
In October, the company saw the departure of nearly all its board members except Wojcicki, leading to the appointment of three independent directors. Additionally, a massive data breach earlier in the year exposed information from 6.9 million users, further destabilizing the company’s reputation.
This latest offer follows a previously rejected bid from Wojcicki, who had initially proposed purchasing the company at a significantly lower price of forty cents per share, according to a late July securities filing.
Silence from 23andMe
As of Monday, 23andMe has not publicly commented on the latest buyout offer, leaving shareholders and industry observers awaiting the next development in what could be a transformative moment for the company.
