Radoff-JEC Urges Seer Board Member to Resign Following Buyout Rejections

Dow Jones
09/04
 

Activist investor Radoff-JEC wrote a letter to Seer urging Meeta Gulyani to resign from her role on the board.

The shareholder, which owns about 7.7% of Seer's stock, argued that Gulyani is unqualified and lacks prior experience on the board of a public company.

The letter comes as the life sciences company is considering competing buyout offers from its own chief executive and from Radoff-JEC. Both prospective buyers have recently upped their bids.

Gulyani is part of a two-member independent committee to consider acquisition proposals.

In August, members of Radoff-JEC met with Seer board directors, including Gulyani. The shareholder said in an earlier letter that it came away from the meeting feeling like Seer's special acquisition committee was "simply formed to reject bids."

Gulyani didn't speak during the meeting, Radoff-JEC said in its August letter.

"In our view, this is not the behavior of someone interested in evaluating a potential transaction," it said.

Radoff-JEC has submitted four acquisition proposals so far. Its most recent offer was $2.55 a share in cash, plus a contingent value right.

 
 

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