23andMe special committee rejects CEO Wojcicki second takeover offer

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23andMe special committee rejects CEO Wojcicki second takeover offer

Anne Wojcicki, co-founder and chief executive officer of 23andme Inc., during the South by Southwest (SXSW) festival in Austin, Texas, US, on Friday, March 10, 2023. 

Jordan Vonderhaar | Bloomberg | Getty Images

23andMe‘s special committee of independent directors on Monday rejected CEO Anne Wojcicki’s proposal to take the distressed genetic testing company private.

Wojcicki submitted a proposal to the committee on Sunday, offering to acquire all of the company’s outstanding shares for 41 cents each, according to

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with the U.S. Securities and Exchange Commission.

The stock plunged 33% on Monday to close at $1.47, down more than 99% from its peak in 2021.

Wojcicki and New Mountain Capital submitted a prior bid in February to take the company private for $2.53 per share. Days later, New Mountain told Wojcicki it was no longer interested in participating in a potential acquisition and would discontinue discussions, the filing said.

23andMe’s special committee said that Wojcicki’s proposal represented an 84% decrease from the prior offer and determined not to go forward, according to

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on Monday.

“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,” the directors said.

A 23andMe representative declined to comment.

Following a turbulent 2024, 23andMe announced plans in January to explore 

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, which could include a ***** of the company or its assets, a restructuring or a business combination. 

Wojcicki previously submitted a proposal to take the company private for 40 cents per share in July, but it was 

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 by the special committee, in part because the members said it lacked committed financing and did not provide a premium to the closing price at the time.

WATCH: The rise and fall of 23andMe

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