23andMe Special Committee responds to CEO's take-private proposal

Core Viewpoint - The Special Committee of 23andMe Holding Co. has expressed disappointment with CEO Anne Wojcicki's preliminary proposal to acquire outstanding shares, citing lack of premium, committed financing, and conditional nature of the offer as key issues [2][3]. Group 1: Proposal Evaluation - The proposal from Anne Wojcicki offers cash consideration of $0.40 per share for Class A and Class B Common Stock, which does not provide any premium over the closing price on July 31 [1][2]. - The Special Committee views the proposal as insufficient and not in the best interest of non-affiliated shareholders, requesting the withdrawal of any opposition to alternative transactions [2][4]. Group 2: Expectations for Revised Proposal - The Special Committee expected a fully-financed and actionable proposal that aligns with the interests of non-affiliated shareholders, and is willing to provide additional time for a revised proposal [3][4]. - Any revised proposal must include fully committed financing and should not impose deal expenses on unaffiliated shareholders, while remaining subject to approval by the Special Committee and a majority of unaffiliated shareholders [4][5]. Group 3: Future Actions - In the absence of a satisfactory revised offer, the Special Committee plans to engage a consultant to develop a revised business plan aimed at achieving a more sustainable financial profile and profitability [5].