Comment by javierluraschi 3 days ago
I'm just arguing that she can't let the company go bankrupt when she placed a bid for $0.40. Even if she could, she could loose control of the company when all shareholders get wiped out, not sure the court will let her keep 70% through bankruptcy.
If we agree that public market are the closest we can get to realtime market value, it's hard to argue it's easy to find a better offer. Otherwise, many other companies that are down 95% from their 2021 highs should just find a buyer of their companies to maximize shareholders value.
I think we are disappointed that the market is giving $ME and many other companies non-ZIRP valuations at 95% discounts, and we don't have the cash to buy them at the bottom, like she can.
Acting as a fiduciary would entail seeking a buyer at the best price possible, not a low "take private" offer. Can the CEO demonstrate they're working to find someone to buy them?
Edit: https://finance.yahoo.com/news/23andme-ceo-wojcicki-open-thi...
> A special committee formed by the company rejected Wojcicki's previous proposal, deeming it insufficient and not in the best interest of the non-affiliated shareholders.