NEW YORK – The special committee of the 23andMe board of directors on Monday unanimously rejected another proposal filed by CEO Ann Wojcicki to take the company private.
In a filing with the US Securities and Exchange Commission, the firm noted that Wojcicki had offered to acquire all outstanding company shares not owned by her and her affiliates, including any stockholders that she might invite to roll over their current equity ownership, at $.41 per share. This price represented an 84 percent decrease to the $2.53 per share price offered by Wojcicki and private equity firm New Mountain Capital in an earlier proposal.
The special committee said in a statement that it does not intend to comment further "until it determines that additional disclosure is appropriate or required by law."
Wojcicki had proposed to take the Sunnyvale, California-based company private last year, precipitating a tumultuous period which saw the resignation en masse of the firm's independent board of directors, a warning of noncompliance from Nasdaq, and a reverse stock split.
Despite the turmoil, the company recently posted 35 percent year-over-year revenue gains for the third quarter of its fiscal year 2025, while noting liquidity concerns in the face of dwindling cash reserves.