StockNews.AI
ME
StockNews.AI
169 days

23andMe Special Committee Rejects Acquisition Proposal From CEO Anne Wojcicki

1. Anne Wojcicki proposed acquiring 23andMe shares at $0.41 each. 2. This price represents an 84% drop from the earlier proposal of $2.53. 3. The Special Committee unanimously rejected Wojcicki's acquisition proposal. 4. Future communications will only occur if required by law. 5. 23andMe continues facing uncertainty regarding liquidity and business operations.

M&A
-6.8%Current Return
VS
-1.2%S&P 500
$1.4703/03 04:48 PM EDTEvent Start
$1.3703/04 11:18 PM EDTLatest Updated
6m saved
Insight
Article

FAQ

Why Very Bearish?

The significant drop in proposed acquisition price reflects a lack of confidence, reminiscent of previous instances where drastic proposal drops indicated company turmoil, leading to sharp declines in stock prices.

How important is it?

The proposed acquisition and rejection highlight significant internal challenges, suggesting a potential decline in investor sentiment and stock performance.

Why Short Term?

Immediate investor sentiment is likely to be affected due to the rejected proposal and significant price reduction.

Related Companies

AMGNILMNGHDX
SUNNYVALE, Calif., March 03, 2025 (GLOBE NEWSWIRE) -- The Special Committee of the Board of Directors of 23andMe Holding Co. (“23andMe” or the “Company”) (Nasdaq: ME) today confirmed receipt of a non-binding proposal from Anne Wojcicki, Chief Executive Officer, Co-Founder, and Chair of the Board of Directors of 23andMe, to acquire all of the outstanding shares of capital stock of 23andMe not owned by Ms. Wojcicki and her affiliates (or any other stockholders that she invites to “roll over” their current equity ownership) for cash consideration of $0.41 per share. Ms. Wojcicki’s proposal, which was included in an amended Schedule 13D filing made by Ms. Wojcicki with the Securities and Exchange Commission earlier today, represented an 84% decrease to the $2.53 per share price included in the joint non-binding proposal previously submitted by Ms. Wojcicki and her then co-bidder on February 20, 2025. The Special Committee has reviewed Ms. Wojcicki’s acquisition proposal in consultation with its financial and legal advisors, and has unanimously determined to reject the proposal. Moelis & Company LLC is serving as financial advisor and Goodwin Procter LLP is serving as legal advisor to the Special Committee. The Special Committee does not intend to comment further on these matters until it determines that additional disclosure is appropriate or required by law. About 23andMe23andMe is a genetics-led consumer healthcare and biopharmaceutical company empowering a healthier future. For more information, please visit www.23andme.com. Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. The words "believes," "anticipates," "estimates," "plans," "expects," "intends," "may," "could," "should," "potential," "likely," "projects," “predicts,” "continue," "will," “schedule,” and "would" or, in each case, their negative or other variations or comparable terminology, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on 23andMe’s current expectations and projections about future events and various assumptions. 23andMe cannot guarantee that it will actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements and you should not place undue reliance on 23andMe’s forward-looking statements. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond the control of 23andMe), or other assumptions that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements, including, without limitation, the ability to complete a transaction as a result of the strategic alternatives process being conducted by the Special Committee, the Company’s ability to raise additional capital or otherwise improve its liquidity position, and the Company’s ability to continue as a going concern. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission, including under Item 1A, “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, and as revised and updated by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The statements made herein are made as of the date of this press release and, except as may be required by law, 23andMe undertakes no obligation to update them, whether as a result of new information, developments, or otherwise.

Related News