23andMe (NASDAQ:ME) is back in the spotlight as CEO Anne Wojcicki makes yet another play to take the struggling genetic testing company private. After her previous lowball offer of $0.41 per share was swiftly rejected, Wojcicki returned with a revised bid of $2.94 per share, including a contingent value right (CVR). The latest proposal follows a turbulent period where 23andMe's valuation cratered from $6 billion just a few years ago to near penny-stock status. Wojcicki, who controls nearly half the company's voting power, has faced mounting criticism over governance concerns, particularly after a mass board resignation left her handpicking the company's current leadership.

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Despite its troubles, 23andMe still holds valuable assets, particularly one of the largest genomic databases in the worlddata that has attracted partnerships with pharmaceutical heavyweights like GlaxoSmithKline. However, its pivot into drug development proved too costly, and a major data breach further battered its already fragile consumer business. Investors remain divided. Some see this as an inevitable move to salvage what's left, while others believe the new offer undervalues the company's long-term potential. Given past resistance from the board, it's unclear whether the latest bid will be enough to get the deal over the line.

The stakes are high. If the board accepts, it would mark the end of 23andMe's rocky public market journey, leaving shareholders with little choice but to cash out. If they reject it, Wojcicki could face legal challenges from investors who feel shortchanged. Either way, this saga is shaping up to be a case study in what happens when a founder has unchecked controland why investors should think twice before betting on companies with concentrated voting power. The board's decision in the coming days could determine whether 23andMe gets a second actor simply fades into biotech history.