Genetic-testing firm 23andMe was dealt a major blow in its effort to take the company public on Tuesday when its independent directors resigned from the board over what it called CEO Anne Wojcicki's lack of action on the matter.
"After months of work, we have yet to receive from you a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders," the seven directors wrote in an open letter to Wojcicki.
Wojcicki, who co-founded the ground-breaking, saliva-based genetics company in 2006, told the Wall Street Journal that she was "surprised and disappointed" by the letter despite the directors' assertion that they have been awaiting her proposal since April.
"That we have not seen any notable progress over the last 5 months leads us to believe no such proposal is forthcoming," the letter added. "The Special Committee is therefore unwilling to consider further extensions, and the Board agrees with the Special Committee's determination."
Wojcicki faces an uphill battle with the board following her July proposal to acquire all outstanding shares of 23andMe not owned by her or her affiliates for 40 cents per share. Wojcicki said earlier this month that she is considering third-party takeover proposals.
