2023-06-29 16:19:11 ET
- Car insurer Root ( NASDAQ: ROOT ) Inc. plunged 29% in after hours trading after saying it's not in receipt of any proposal that is actionable after a report about a takeover approach last week.
- "At this time Root is not in receipt of any proposal that is either actionable or in the best interests of Root’s shareholders," Root said in a statement on Thursday.
- Closely held Embedded Insurance has made multiple approaches and offered $19.34 a share for Root ( ROOT ), according to a WSJ report on Wednesday, which cited people familiar with the matter.
- Developing story ...
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Root Inc. tumbles after saying it hasn't received actionable offer