23andMe Board Committee Rejects CEO’s Take-Private Proposal

A special committee of 23andMe’s board said it’s not “prepared to move forward” with Chief Executive Officer Anne Wojcicki’s offer to take the struggling DNA-testing company private.

On Monday, Wojcicki proposed buying the outstanding shares of 23andMe for 40 cents each, according to a filing this week. In a letter to Wojcicki, an independent committee formed to explore deals, said that it was “disappointed” with the proposal because it wasn’t at a premium to Wednesday’s close, which was 40 cents a share, and lacked financing commitments.

Wojcicki, who’s chair of the board, indicated in April that she planned to ...