Key Takeaways:
Seer Inc. (NASDAQ: SEER) on May 21 rejected a revised unsolicited takeover proposal from the Radoff-JEC Group to acquire all outstanding Class A shares for $2.40 each plus a contingent value right.
"The May 14 Revised Proposal is materially the same as the proposal that the Board thoroughly reviewed and rejected on April 27, 2026," Seer said in a statement. The company stated the offer is not in the best interests of stockholders.
The board, after consulting with independent financial and legal advisors, concluded that the proposal significantly undervalues Seer and its long-term growth prospects. The offer implies an equity value for Seer that is meaningfully below the sum of the company’s current cash, cash equivalents, and investments.
Shares of Seer were little changed in after-hours trading. The rejection may lead to a proxy fight at the company’s 2026 Annual Meeting of Stockholders.
The offer from activist investors Bradley L. Radoff and Michael Torok, who together form the Radoff-JEC Group, marks the second time in a month that Seer’s board has turned down a takeover bid from the duo. The previous offer was rejected on April 27, 2026, with the board citing similar valuation concerns.
Seer’s board engaged Perella Weinberg Partners as its financial advisor and Wilson Sonsini Goodrich & Rosati as legal counsel to assist in its review of the proposal.
The repeated rejections signal the board's confidence in Seer's standalone value as a pioneer in proteomics. The next catalyst for investors will be the company's upcoming 2026 Annual Meeting of Stockholders, where the Radoff-JEC Group may seek to gain board representation.
This article is for informational purposes only and does not constitute investment advice.
