Shares of life science tools manufacturer Seer, Inc. rose more than 7% in pre-market trading on Thursday. This followed a third acquisition proposal submitted by an investor consortium led by Bradley Radoff and Michael Torok, which increased the all-cash offer to $2.40 per share and included a contingent value right.

The latest offer details According to a public letter from the Radoff consortium to Seer's board dated May 14, the new non-binding proposal offers to acquire all outstanding shares for $2.40 per share in cash, representing a 42% premium to the unaffected share price. Additionally, shareholders would receive a contingent value right entitling them to 80% of the net proceeds from any future sale, licensing, or other disposition of Seer's business and assets, including PrognomiQ.

The consortium collectively holds approximately 7.8% of Seer's outstanding shares, making it a significant shareholder. Two previous acquisition proposals were both rejected by the board on April 27, with the consortium criticizing the board for dismissing the offers without substantive engagement.

Acquisition context: weak quarterly results and governance dispute The escalation of the takeover bid is closely tied to Seer's disappointing first-quarter performance. Seer's Q1 financial results, released on May 13, showed revenue of just $2.8 million and quarterly cash burn of $15.7 million. The consortium criticized the company, stating that Chairman and CEO Dr. Omid Farokhzad has presided over the destruction of over $1 billion in investor capital across multiple companies and that his personal proceeds from selling Seer stock exceed the company's current market capitalization.

Shareholder battle imminent Beyond pushing for acquisition talks, the consortium is preparing to launch a proxy contest at the upcoming annual shareholder meeting, nominating three independent director candidates for the board. The latest acquisition offer is valid until May 29, 2026.