Health
23andMe Board Committee ‘Disappointed’ in CEO Anne Wojcicki’s Take-Private Proposal
When the company agreed to go public in 2021, it was valued at $3.5 billion.
Photographer: Tiffany Hagler-Geard/BloombergThis article is for subscribers only.
A special committee of 23andMe’s board said it’s not “prepared to move forward” with Chief Executive Officer Anne Wojcicki’s offer to take the struggling DNA-testing company private.
On Monday, Wojcicki proposed buying the outstanding shares of 23andMe for 40 cents each, according to a filing this week. In a letter to Wojcicki, an independent committee formed to explore deals, said that it was “disappointed” with the proposal because it wasn’t at a premium to Wednesday’s close, which was 40 cents a share, and lacked financing commitments.