23andMe bankruptcy deadline extended

The sale of the bankrupt DNA data bank 23andMe is facing delays as the company tries to find a lead bidder that can quickly clear regulatory hurdles and guarantee customer privacy rules will be honored.

The former Silicon Valley startup cofounded by Anne Wojcicki has been negotiating with potential buyers trying to land a binding, opening offer that would be used as a floor for a court-supervised auction. The original deadline was shifted from Friday to Monday, according to court papers filed last week.

The firm, which was valued at $3.5 billion when it went public in 2021 via a merger with a Richard Branson-founded blank-check company, hasn’t been profitable since its listing, despite collecting DNA from saliva samples from more than 15 million customers.

Now, those samples — and the genetic data they yielded — have become the bankrupt company’s most marketable asset, and the prospect of the sensitive information being put up for auction has sparked anxieties among customers worried about how and where of their personal data may be used. Bankruptcy officials have also raised concerns.

23andMe must win court approval of a “stalking horse bid,” which would then kick off a process by which higher offers could be made, by May 7 in order to unlock another $25 million in loans, records show.

DoorDash offers $3.6B for Deliveroo

Shares of Deliveroo, the food delivery service based in London, are hitting three-year highs on Monday after it received a $3.6 billion proposed takeover offer from DoorDash.

Deliveroo announced the bid after markets closed in Europe on Friday. On Monday, the company also said it was suspending a $133.5 million share buyback it had announced last month.

Deliveroo said Friday its board has informed DoorDash that if a firm offer is made at the financial terms provided, it will recommend the bid to its shareholders.

Deliveroo said DoorDash must decide by May 23 whether it plans to make a firm buyout offer or not.

The proposed deal comes a few months after technology investment company Prosus agreed to buy food delivery giant Just Eat Takeaway.com for 4.1 billion euros ($4.29 billion).

U.S. Weather Agency Risks Loss of Data

A key contract that supports the network service provider for the U.S. National Oceanic and Atmospheric Administration is set to lapse this week, threatening internet access and the transmission of internal data nationwide for much of the agency.

The N-Wave system — often referred to as “NOAA’s network” — provides internet and acts as a pipeline transmitting weather and environmental data. It’s used by NOAA, which is best known for operating the National Weather Service, and by branches of the armed forces, including the U.S. Navy and Air Force.

A short-term work order that underpins the foundation of N-Wave is set to expire early Thursday morning, according to an internal document seen by Bloomberg, which warns of the potential for severe disruptions and says staff are working to secure an extension. If the contract lapses, users will not be able to connect to the internet or access cloud resources hosted by N-Wave, the document said.

Compiled from Associated Press and Bloomberg reports.