The unsolicited bid included cash and two contingent value rights, which the committee deemed insufficient to justify a sale. Following the rejection, Seer stock slipped 5.1% to $2.06 during premarket trading as investors weighed the board's commitment to independent growth over a buyout.
In section Market Quotes
Seer Board Rejects CEO's Takeover Bid
A special committee of independent directors at Seer has unanimously rebuffed a cash-plus-rights buyout offer from CEO Omid Farokhzad. The board concluded the $2.45 per share proposal failed to capture the biotechnology company's long-term growth potential, leaving shareholders without a premium valuation for their stake in the firm.
This marks the second time in recent months that leadership has dismissed acquisition efforts. The board previously turned away a $2.40 per share offer from a group of minority shareholders who had also sought to take the company private. By resisting these overtures, the independent committee is signaling a preference for internal development strategies over the proposed exit prices.
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