By Katherine Hamilton
23andMe rejected its chief executive's proposal to buy back the company at 41 cents a share as the struggling company explores strategic alternatives.
Chief Executive Anne Wojcicki on Sunday proposed buying back the DNA-testing company she co-founded for 41 cents a share. That proposal was rejected by the board of directors on Monday.
The board said Wojcicki's offer was 84% less valuable than a previous one she had made. In February, Wojcicki teamed up with New Mountain Capital to offer to buy 23andMe's outstanding shares for $2.53 a share.
But later that month, New Mountain said it was no longer interested in participating in an acquisition. Wojcicki said she was still committed.
Once valued at $6 billion, 23andMe has struggled to find a profitable business model. Shares have lost 86% of their value over the past year, hitting $1.48.
23andMe laid off 40% of its workforce in November and said in January it was exploring strategic alternatives including a business combination or sale of its assets. In the meantime, it is attempting to raise capital, cut costs and end leases.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 03, 2025 17:32 ET (22:32 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。