Thursday, March 23, 2017

"Theranos Offers Shares for Promise Not to Sue"

WSJ:

said Theranos director Daniel Warmenhoven. “Elizabeth elected to contribute her own equity to protect any dilution of shares held by other parties.”

He said Ms. Holmes showed “a level of selflessness and grace reflecting her commitment to the company’s success.”

...

Theranos reached a separate agreement to buy back the shares purchased in early 2015 by Rupert Murdoch for about $125 million, people familiar with the matter said. Mr. Murdoch is executive chairman of News Corp and 21st Century Fox Inc. News Corp is the parent of The Wall Street Journal.

Under the terms of that deal, Theranos agreed to pay Mr. Murdoch a nominal amount equal to a tiny fraction of the original purchase price, the people said. One person familiar with the matter said the amount was just $1.