Seer rejected two recent buyout proposals and plans to continue on as an independent company following a review by a special committee of its board.
The committee's two members, Meeta Gulyani and Nicolas Roelofs, said a sale of Seer would undervalue the company and its prospects.
"We are confident that Seer is well positioned to meet the growing demand for deep, large-scale, unbiased proteomics in the era of AI-biology and we look forward to capturing the opportunities ahead," they said.
Shares fell on the news, shedding 7.2% to $1.80 in after-hours trading. The stock closed down 2.5% at $1.94, and was up 6% year to date through the close.
The committee had been evaluating two proposals: an offer from an activist investor group to acquire the company for $2.55 a share plus one contingent value right, and a separate proposal from Chief Executive Omid Farokhzad to buy Seer for $2.45 a share plus two separate CVRs.
The committee unanimously rejected both offers, saying they fail to reflect the company's intrinsic value.
Farokhzad had made a previous offer under similar terms, though it was also rejected by the board. The activists, led by Bradley Radoff and Michael Torok, had made three previous acquisition offers.
The activist group, known as Radoff-JEC, in September urged Gulyani to resign, arguing that she was unqualified and lacked experience serving on a public company's board. The investors had previously said in an August letter that they felt the special committee was "simply formed to reject bids."
Seer's former chief financial officer, David Horn, left the company this month.
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