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23andMe independent directors quit board over unsatisfactory buyout plan from CEO
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23andMe independent directors quit board over unsatisfactory buyout plan from CEO
Sep 20, 2024 9:29 PM

Sept 17 (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.

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