Seer Inc. (NASDAQ: SEER) announced that its board of directors unanimously rejected a revised unsolicited acquisition proposal from the Radoff-JEC Group to purchase all outstanding Class A common stock for $2.40 per share in cash plus a contingent value right.

The board received the proposal on May 14 from Bradley L. Radoff and Michael Torok, along with certain affiliates. After consultation with independent financial and legal advisors, the board determined the offer significantly undervalues the company and fails to reflect its long-term growth prospects.

The proteomics company stated the May 14 proposal was materially similar to a previous offer the board rejected on April 27. According to Seer, the proposal implies an equity value below the sum of the company's current cash, cash equivalents and investments.

Seer filed a preliminary proxy statement on May 18 in connection with its 2026 annual meeting of stockholders. The company urged shareholders to read the definitive proxy statement when available, as it will contain important information.

Perella Weinberg Partners serves as Seer's financial advisor, while Wilson Sonsini Goodrich & Rosati provides legal counsel in the matter.

The Redwood City, California-based company develops proteomics technology through its Proteograph Product Suite, which integrates engineered nanoparticles, automation instrumentation, consumables and analytical software for research applications.