Anne Wojcicki proposed to buy 23andMe shares for $0.41 each; the Special Committee unanimously rejected the offer.
Quiver AI Summary
23andMe Holding Co. announced that its Board's Special Committee has received a non-binding acquisition proposal from CEO Anne Wojcicki to buy out all outstanding shares not owned by her or her affiliates for $0.41 per share. This offer reflects a substantial reduction of 84% from her previous proposal of $2.53 per share submitted on February 20, 2025. After consulting with financial and legal advisors, the Special Committee has unanimously decided to reject this new proposal. The Committee, with Moelis & Company as financial advisor and Goodwin Procter LLP as legal advisor, plans to provide no further comments until it deems additional disclosure necessary.
Potential Positives
- The Special Committee of 23andMe's Board of Directors actively engaged in evaluating Ms. Wojcicki's acquisition proposal, showing governance due diligence.
- The rejection of the proposal indicates a commitment to maximizing shareholder value, suggesting that the Board believes the company's worth is higher than the offered price.
Potential Negatives
- The acquisition proposal from CEO Anne Wojcicki represents an 84% decrease in the share price compared to a prior proposal, which may signal a lack of confidence in the company's value.
- The Special Committee unanimously rejected the proposal, indicating potential internal disagreements or lack of alignment on the company's future direction.
- The company highlights significant risks and uncertainties regarding its ability to raise capital and continue as a going concern, which may concern investors about its financial stability.
FAQ
What recent acquisition proposal was made by Anne Wojcicki?
Anne Wojcicki proposed to acquire all outstanding shares of 23andMe not owned by her for $0.41 per share.
How did the Special Committee respond to the acquisition proposal?
The Special Committee reviewed and unanimously rejected Anne Wojcicki's acquisition proposal after consulting with financial and legal advisors.
What was the price difference between the new proposal and the previous offer?
The new proposal represented an 84% decrease from the previous offer of $2.53 per share made on February 20, 2025.
Who are the financial and legal advisors for the Special Committee?
Moelis & Company LLC is the financial advisor, while Goodwin Procter LLP is serving as the legal advisor for the Special Committee.
What is the core business focus of 23andMe?
23andMe is a genetics-led consumer healthcare and biopharmaceutical company focused on empowering a healthier future.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ME Hedge Fund Activity
We have seen 7 institutional investors add shares of $ME stock to their portfolio, and 65 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- STEEL PARTNERS HOLDINGS L.P. added 1,990,718 shares (+1900.0%) to their portfolio in Q3 2024, for an estimated $13,835,490
- VANGUARD GROUP INC removed 778,491 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $2,530,095
- EUCLIDEAN CAPITAL LLC removed 512,156 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $1,664,507
- SAPPHIRE VENTURES, L.L.C. removed 264,591 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $859,920
- BLACKROCK, INC. removed 244,034 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $793,110
- GEODE CAPITAL MANAGEMENT, LLC removed 212,305 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $689,991
- RENAISSANCE TECHNOLOGIES LLC removed 154,443 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $501,939
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SUNNYVALE, Calif., March 03, 2025 (GLOBE NEWSWIRE) -- 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 to the $2.53 per share price included in the joint non-binding proposal previously submitted by Ms. Wojcicki and her then co-bidder on February 20, 2025.
The Special Committee has reviewed Ms. Wojcicki’s acquisition proposal in consultation with its financial and legal advisors, and has unanimously determined to reject the proposal. 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 on these matters until it determines that additional disclosure is appropriate or required by law.
About 23andMe
23andMe is a genetics-led consumer healthcare and biopharmaceutical company empowering a healthier future. For more information, please visit
www.23andme.com
.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. The words "believes," "anticipates," "estimates," "plans," "expects," "intends," "may," "could," "should," "potential," "likely," "projects," “predicts,” "continue," "will," “schedule,” and "would" or, in each case, their negative or other variations or comparable terminology, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on 23andMe’s current expectations and projections about future events and various assumptions. 23andMe cannot guarantee that it will actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements and you should not place undue reliance on 23andMe’s forward-looking statements. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond the control of 23andMe), or other assumptions that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements, including, without limitation, the ability to complete a transaction as a result of the strategic alternatives process being conducted by the Special Committee, the Company’s ability to raise additional capital or otherwise improve its liquidity position, and the Company’s ability to continue as a going concern. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission, including under Item 1A, “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, and as revised and updated by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The statements made herein are made as of the date of this press release and, except as may be required by law, 23andMe undertakes no obligation to update them, whether as a result of new information, developments, or otherwise.