04 March 2025 | Tuesday | Analysis
The Special Committee of the Board of Directors of 23andMe Holding Co. (“23andMe” or the “Company”) (Nasdaq: ME) today confirmed receipt of a non-binding proposal from Anne Wojcicki, Chief Executive Officer, Co-Founder, and Chair of the Board of Directors of 23andMe, to acquire all of the outstanding shares of capital stock of 23andMe not owned by Ms. Wojcicki and her affiliates (or any other stockholders that she invites to “roll over” their current equity ownership) for cash consideration of $0.41 per share.
Ms. Wojcicki’s proposal, which was included in an amended Schedule 13D filing made by Ms. Wojcicki with the Securities and Exchange Commission earlier today, represented an 84% decrease from the $2.53 per share priceincluded in the joint non-binding proposal previously submitted by Ms. Wojcicki and her then co-bidder on February 20, 2025.
The Special Committee has unanimously rejected the acquisition proposal after consulting with its financial and legal advisors. Moelis & Company LLC is serving as financial advisor and Goodwin Procter LLP is serving as legal advisor to the Special Committee.
The Special Committee does not intend to comment further until it determines that additional disclosure is appropriate or required by law.
The unanimous rejection of Wojcicki’s buyout bid signals deep rifts at the top of one of the most recognizable names in consumer genomics.
This isn’t just another acquisition story. Wojcicki’s offer—at a shocking $0.41 per share—represents an 84% drop from the original $2.53 per share she and a former co-bidder had pitched just weeks ago. The board’s response? A resounding “no.”
23andMe has had a rollercoaster trajectory, from being a direct-to-consumer DNA testing pioneer to facing increasing financial struggles. Wojcicki’s attempt to take the company private at a rock-bottom valuation raises major questions:
? Why the drastic price cut? From $2.53 to $0.41 in days—what changed?
? What’s next for shareholders? This rejection keeps public shareholders in the game, but for how long?
? Is there a Plan B? The board clearly sees a future beyond Wojcicki’s lowball offer.
This bid underscores the struggles of 23andMe in a shifting biotech landscape—one where cash burn, regulatory scrutiny, and profitability pressures have caught up with once-thriving disruptors. Some investors might see Wojcicki’s move as an attempt to capitalize on the stock’s decline, while others may view it as a signal of long-term belief in the company’s potential.
? Will Wojcicki up her offer? If she’s serious about taking 23andMe private, this rejection could push her to come back with a higher bid.
? Will activist investors step in? If shareholders feel shortchanged, expect resistance and potential legal scrutiny.
? Is a turnaround possible? 23andMe’s future now hinges on proving its value beyond Wojcicki’s buyout attempt.
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