23andMe (NASDAQ:ME) stock is in the news Friday as investors react to the company’s co-founder offering to take it private in a $200 million deal.
According to a 23andMe press release, chairman and CEO Anne Wojcicki is willing to pay 40 cents per share for ME stock to take the company private. That roughly matches the value of the stock over the last few days.
23andMe’s special committee is going over the offer and has brought in Wells Fargo as a financial advisor and Dechert LLP for legal advice. It intends to act in the best interest of ME stockholders and warns there may not be a deal at the end of its evaluation.
What to Know About the ME Stock Offer
Wojcicki, who founded 23andMe in 2006, is making this offer in a time of turbulence for ME stock. The company’s shares have been trading below $1 for almost a year now. That has them in danger of being delisted by the Nasdaq Exchange.
Going private would eliminate this threat as it would remove ME stock from public exchanges. It could also act as a solution to the company already exploring strategic alternatives.
ME stock is up 1.1% as of Friday morning but is down 57.4% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
