Genetic testing firm 23andMe (ME.O) will not go ahead with CEO Anne Wojcicki's take-private offer and has asked her to withdraw any plan to oppose any alternative deal, the company said on Friday.
In April, Wojcicki notified the company of her intention to make an offer and take the company private.
She followed it up with a non-binding proposal, disclosed in a regulatory filing on Wednesday, to acquire all outstanding shares of 23andMe not already owned by her or her affiliates for $0.40 per share.
A special committee formed by the company rejected the CEO's proposal as it saw the offer as insufficient and not in the best interests of the non-affiliated shareholders.
Wojcicki had indicated in her proposal that she was working with advisers and intended to begin speaking to potential partners and financing sources.
The committee in its response said it was prepared to provide her and potential investors additional time to submit a revised proposal in line with the company's expectation.
Other alternatives will be pursued to maximize value for shareholders, in the absence of a revised offer, the panel added.
23andMe, best known for its saliva-based test kits that offer users a glimpse into their genetic ancestry, went public in 2021.
