InsideArbitrage Potential Deal Alert: 23andMe announces CEO’s Intention to Pursue A Potential Take-private

POTENTIAL DEAL DETAILS

23andMe Holding Co. (ME), a human genetics and biopharmaceutical company, has been made aware that Anne Wojcicki, Chief Executive Officer, Co-Founder, and Chair of the Board of Directors of 23andMe, is considering making a proposal to acquire all of the outstanding shares of 23andMe that she does not currently own, as she stated in an amendment dated April 17, 2024 to her Schedule 13D filing with the Securities and Exchange Commission. 

​Anne Wojcicki owns shares constituting more than 20% of the total outstanding shares, entitling her to approximately 49% of the voting power.

The filing noted that Wojcicki wishes to maintain control of 23andMe and, therefore, will not be willing to support any alternative transaction.

23andMe Holding Co. Investor Relations

Update(s):

July 29, 2024: 23andMe (ME) CEO Anne Wojcicki offered to purchase the DNA-testing company for 40 cents per share. According to a 13D filing, Wojcicki delivered a non-binding offer to the special committee of 23andMe’s board on Monday. The offer indicates that Wojcicki is in discussions with potential financing sources, and any potential deal would be fully financed through committed equity financing.

August 2, 2024: 23andMe (ME) rejected CEO Anne Wojcicki’s take-private bid, as the proposal was “insufficient and not in the best interest of the non-affiliated shareholders”.

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