23andMe independent directors quit board over unsatisfactory buyout plan from CEO

(Reuters) - The independent directors of genetic testing firm 23andMe said on Tuesday they have resigned from the company's board after not receiving a satisfactory take-private offer from CEO Anne Wojcicki.

Wojcicki, who has been trying to take the company private since April, proposed to acquire all outstanding shares of 23andMe not owned by her or her affiliates for $0.40 per share, in July.

"After months of work, we have yet to receive from you a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders," said the seven directors in a letter to the company's co-founder and CEO.

A special committee formed by the company rejected Wojcicki's previous proposal, deeming it insufficient and not in the best interest of the non-affiliated shareholders.

"That we have not seen any notable progress over the last 5 months leads us to believe no such proposal is forthcoming," the directors added.

They also said the special committee is unwilling to consider further extensions, and that the company's board agrees with it.



Earlier this month, Wojcicki said she would be open to considering third-party takeover proposals for the company.

23andMe, best known for its saliva-based test kits that offer users a glimpse into their genetic ancestry, went public in 2021.

Source: Investing.com