The rejected bids included an offer from an activist group led by Bradley Radoff and Michael Torok to acquire the company at $2.55 per share, alongside a $2.45 per share proposal from CEO Omid Farokhzad. Both deals involved contingent value rights, but board members maintained that these terms significantly undervalued the firm’s prospects in the era of AI-driven biology. Markets reacted sharply to the decision, with Seer shares sliding 7.2% to $1.80 in after-hours trading.

This rejection marks the culmination of a protracted clash between the board and the Radoff-JEC activist group, which has submitted multiple acquisition offers throughout the year. The investors had previously questioned the committee’s impartiality, alleging in an August letter that the body was formed solely to obstruct sales. Tensions were further exacerbated in September when the group publicly challenged Gulyani’s qualifications for the board. The company also faces internal shifts, having recently parted ways with chief financial officer David Horn.