Investing.com -- 23andMe (NASDAQ:ME) Chief Executive Officer Anne Wojcicki has ruled out the possibility that the DNA testing group would be open to third-party takeover offers, according to a regulatory filing on Monday.
Wojcicki said she instead believes "the best path forward" for the company would be for her to take it private. She added that she remains "committed to completing an acquisition of 23andMe."
The statement comes after all seven of the independent directors on the board of 23andMe resigned last month over a stalled management buyout proposal made by Wojcicki earlier this year. The independent directors said they had yet to receive a satisfactory take-private offer that was in the best interests of non-affiliated shareholders.
Wojcicki's bid, put forward in July, would have taken the firm private and seen her acquire all the shares she and her affiliates do not own for a price of $0.40 a share.
Wojcicki had previously said she would be open to considering outside bids while the deal was being evaluated.
23andMe, which is known for its detailed genetic testing service that generates reports related to a user's ancestry, was taken public via a merger with a blank check group backed by Virgin Group founder Richard Branson in 2021.
The company listed at a valuation of $4.5 billion, but its market capitalization has slid to just over $206 million as the business has struggled to meet once-lofty revenue targets.
In its most recent fiscal year, 23andMe's key consumer division posted $220 million in total revenue, far below forecasts the group laid out when it went public.
It also slumped to a loss before interest, taxes, depreciation and amortization of $176 million in its 2024 financial year. 23andMe had booked a loss of $161 million in the prior year.
(Reuters contributed reporting.)