Seer to Consider Two Competing Buyout Offers from Activists, CEO
Dow Jones
Jul 31
Seer said its board will consider two competing acquisition offers, one from minority shareholders Bradley Radoff and Michael Torok and the other from its chief executive.
The activist investors, operating as the Radoff-JEC Group, on Tuesday offered to buy the life sciences company for $2.55 a share in cash, plus one contingent value rights. The group's previous offer of $2.35 a share was rejected by Seer's board.
The company also received a second offer from its own chief executive, Omid Farokhzad, proposing a price of $2.45 a share plus two separate contingent value rights. Farokhzad had also previously offered to buy the company under similar terms, an offer also rejected by the board.
Shares rose 8.2% to $2.23 in after-hours trading on Thursday.
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