23andMe rejects acquisition proposal from CEO Anne Wojcicki

The special committee of the board of directors of 23andMe (ME) confirmed receipt of a non-binding proposal from Anne Wojcicki, CEO, 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 Wojcicki and her affiliates for cash consideration of 41c per share. Wojcicki’s proposal, which was included in an amended Schedule 13D filing made by Wojcicki with the Securities and Exchange Commission earlier, represented an 84% decrease to the $2.53 per share price included in the joint non-binding proposal previously submitted by Wojcicki and her then co-bidder on February 20. The special committee has reviewed Wojcicki’s acquisition proposal in consultation with its financial and legal advisors, and has unanimously determined to reject the proposal.