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SUNNYVALE, Calif. - The Special Committee of the Board of Directors of 23andMe Holding Co. (NASDAQ:ME) today announced its unanimous decision to reject a buyout offer from Anne Wojcicki, the company’s CEO, Co-Founder, and Chair of the Board. Wojcicki proposed to purchase all outstanding shares of the company not already under her control for $0.41 per share, an 84% reduction from the $2.53 per share offer made in a previous joint bid on February 20, 2025. The offer comes as the stock trades at $1.47, down nearly 80% over the past year, with a current market capitalization of just $39.4 million. According to InvestingPro analysis, the stock appears undervalued at current levels.
This latest offer from Wojcicki was disclosed in an amended Schedule 13D filing with the Securities and Exchange Commission. The Special Committee, after reviewing the proposal with its financial and legal advisors, Moelis (NYSE:MC) & Company LLC and Goodwin Procter LLP, respectively, has decided against the acquisition proposal.
The rejection of this offer comes amid 23andMe’s search for strategic alternatives, aimed at enhancing shareholder value, including a potential sale of the company. The Special Committee has stated that it will not provide further commentary on the matter until it deems additional disclosure necessary or mandated by law.
23andMe, known for its consumer genetics testing services, has recently expanded into healthcare and biopharmaceuticals, with a commitment to empowering a healthier future through genetics-led innovation.
The company’s forward-looking statements indicate a range of uncertainties and risks, which include the ability to complete a transaction resulting from the strategic review process, raising additional capital, and continuing as a going concern. The company’s current ratio of 1.05 and weak overall financial health score from InvestingPro underscore these concerns.
The information for this article is based on a press release statement from 23andMe Holding Co.
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