The company announced on Thursday that its board of directors will form a special committee consisting of independent members to review Farokhzad’s bid alongside other potential strategic alternatives. Investors reacted sharply to the news, driving Seer shares up 31% to $2.13 in after-hours trading following a regular session close of $1.62.

This offer intensifies an existing tug-of-war for control of the firm. Minority shareholders Bradley Radoff and Michael Torok have been actively seeking to take the company private, even launching a proxy battle after Seer’s board rejected their third buyout attempt in May. That previous proposal offered $2.40 a share with a single contingent value right. Before this latest development, Seer stock had struggled throughout the year, marking an 11% decline in value since January.