23andMe rejects CEO Wojcicki take-private offer (updated)

Chrome Holding Co

02/08/2024 13:23

(Adds details throughout)
       Aug 2 (Reuters) - 23andMe  ME.O  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)
 ((Sriparna.Roy@thomsonreuters.com;))