23andMe co-founder and chief executive Anne Wojcicki made a non-binding proposal to the board to acquire all of the company’s outstanding shares not already owned by her or her affiliates for $0.40 per share, a filing showed on Wednesday.
In April, Wojcicki notified the members of the board’s special committee of her intention to make an offer for the genetic testing firm and take it private.
Wojcicki also had indicated that she was working with advisers and intended to begin speaking to potential partners and financing sources.
The proposal, which Wojcicki made on July 29, indicated that she continued to have discussions with potential equity financing sources, the filing showed.
The offer is conditioned upon approval of the company’s special committee and there can be no assurance that the proposal will result in any definitive agreement, transaction or any other strategic alternative, the filing said.
In the proposal, Wojcicki again stated that she would not expect to support any alternative transaction.