Genetic testing firm 23andMe Chief Executive Officer Anne Wojcicki would no longer be open to considering third-party takeover proposals for the company, a regulatory filing showed on Monday.
"It has become even clearer to me that the best path forward for the (company) is for me to take the company private," Wojcicki said.
Wojcicki had said earlier this month she would consider third-party takeover proposals while continuing to evaluate and negotiate a deal.
In July, the CEO and co-founder proposed to acquire all outstanding shares of the firm not already owned by her or her affiliates for $0.40 each.
The independent directors of the company resigned earlier this month saying they had not received a satisfactory take-private offer in the best interests of the non-affiliated shareholders.
23andMe, which provides DNA testing that helps users learn more about their ancestry, went public in 2021.
Analysis:
23andMe CEO Anne Wojcicki's decision to reject third-party takeover proposals and take the company private has significant implications for investors and the financial market. This move indicates a shift in the company's strategic direction and could impact its stock price and overall valuation. Shareholders and potential investors should closely monitor further developments and consider the potential risks and opportunities associated with this new direction. Overall, this decision highlights the dynamic nature of the financial market and the importance of staying informed and adaptable in the face of changing circumstances.
