Seer (SEER) has received a non-binding proposal from the Radoff-JEC Group to acquire the company for $2.25 per share in cash plus a contingent value right, the latter said Monday.
The group, which owns about 7.6% of Seer's outstanding shares, said the offer represents a 33% premium to the company's most recent closing price and includes a contingent value right entitling shareholders to 80% of net proceeds from any sale or licensing of Seer's assets.
The proposal is subject to confirmatory due diligence and assumes the company has at least $215 million in net cash and cash equivalents at closing, the Radoff-JEC group said.
Seer did not immediately respond to' request for comment.
Seer shares were 8.9% higher in early Monday trading.
Price: $1.85, Change: $+0.16, Percent Change: +9.47%