Seer Inc. (NASDAQ:SEER) saw its stock fall 2.3% in after-hours trading on Thursday after the company’s board unanimously rejected a revised unsolicited takeover proposal submitted on May 14, 2026.
The proposal, put forward by Bradley L. Radoff and Michael Torok along with certain affiliates identified with the Radoff-JEC Group, sought to purchase all outstanding shares of Seer’s Class A common stock for $2.40 per share in cash plus a contingent value right.
Seer’s board determined the May 14 proposal significantly undervalues the company and does not reflect Seer’s long-term growth prospects. The company stated that the May 14 revised offer is materially the same as a prior proposal the board rejected on April 27, 2026.
In its announcement, Seer highlighted that the proposed terms imply an equity value substantially below the sum of the company’s current cash, cash equivalents and investments.
Seer, which provides proteomic insights, said it reviewed the revised proposal with the assistance of independent financial and legal advisors. The company named Perella Weinberg Partners LP as its financial advisor and Wilson Sonsini Goodrich & Rosati as its legal counsel.
Context and implications
The board’s unanimous rejection emphasizes a valuation gap between the bidder’s price and the board’s assessment of Seer’s intrinsic value based on available liquid assets and growth prospects. The company’s statement underscores that the offer’s implied equity value sits meaningfully below Seer’s cash and investment holdings.
Following the announcement, shares moved lower in extended trading, reflecting investor reaction to the board’s assessment and the terms of the revised bid.
Advisors
- Seer financial advisor: Perella Weinberg Partners LP
- Seer legal counsel: Wilson Sonsini Goodrich & Rosati
What the company said
Seer explicitly described the May 14 proposal as materially unchanged from the April 27, 2026 offer and reiterated the board’s view that the proposal undervalues the company and fails to capture its long-term prospects. The company also pointed to its cash, cash equivalents and investments as metrics that indicate the proposal’s implied equity value is meaningfully low.
Note: The article reports the company’s public statements and the terms of the revised proposal as provided in Seer’s announcement.