09:03 AM EDT, 08/02/2024 (MT Newswires) -- A special committee of 23andMe's (ME) board declined Friday in a letter Co-Founder, Chair and Chief Executive Anne Wojcicki's indication of interest to acquire all of the outstanding shares of the company for cash consideration of $0.40 per share of class A common stock or class B common stock.

"We are disappointed with the proposal for multiple reasons, including because it provides no premium to the closing price per share on Wednesday, July 31st, it lacks committed financing and it is conditional in nature," the special committee said in its letter addressed to Wojcicki. "Accordingly, we view your proposal as insufficient and not in the best interest of the non-affiliated shareholders."

The special committee asked the CEO to immediately withdraw her stated intent to oppose any alternative transaction.