23andMe Board Rejects CEO's Buyout Proposal

23andMe's board of directors has rejected CEO Anne Wojcicki's proposal to take the company private at $0.40 per share, citing the lack of a premium over the current stock price and insufficient financing commitments. The board expressed disappointment with the proposal, stating it does not serve the best interests of non-affiliated shareholders and urged Wojcicki to withdraw her opposition to evaluate other potential buyers. Despite this rejection, the board is willing to grant additional time for a revised proposal from Wojcicki and her team. 23andMe's stock has declined over 95% since its SPAC merger in 2021, trading at $0.40, and the company is facing financial struggles and lawsuits following a data breach. The special committee is considering various strategic options, including the possibility of a business split. Analysts suggest Wojcicki’s proposal could still emerge as the most viable outcome amidst mixed investor interest in the company's segments.