Seer’s Stock Surges Over 43% on CEO’s Buyout Offer
Dow Jones
Jul 06
Shares of Seer rallied after Chief Executive Omid Farokhzad offered to buy the company at $2.45 per share.
The stock was up 43% to $2.32 in late Tuesday morning trading.
Farokhzad, who is also the biotechnology company's chair, made the unsolicited proposal after last Thursday's closing bell.
Seer's board said it would form a special committee of independent directors to evaluate the proposal and other alternatives.
The offer follows efforts by two minority shareholders to take the firm private. The board previously rejected their offer to buy the company at $2.40 a share.
(END) Dow Jones Newswires
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