The company announced on Thursday that its board of directors will form a special committee consisting of independent members to review Farokhzad’s bid alongside other potential strategic alternatives. Investors reacted sharply to the news, driving Seer shares up 31% to $2.13 in after-hours trading following a regular session close of $1.62.
In section Market Quotes
Seer CEO Omid Farokhzad Launches Bid to Take Biotech Firm Private
Omid Farokhzad, the CEO and chair of Seer, has submitted an unsolicited cash offer to acquire the biotechnology company for $2.45 per share. The proposal, which includes two contingent value rights, arrives as the firm faces mounting pressure from minority shareholders already pushing to force a buyout.
This offer intensifies an existing tug-of-war for control of the firm. Minority shareholders Bradley Radoff and Michael Torok have been actively seeking to take the company private, even launching a proxy battle after Seer’s board rejected their third buyout attempt in May. That previous proposal offered $2.40 a share with a single contingent value right. Before this latest development, Seer stock had struggled throughout the year, marking an 11% decline in value since January.
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