Car insurer Root extends rally on report of takeover interest

Root

22/06/2023 09:49

** Shares of car insurer Root Inc  ROOT.O  jump 49% to
$14.36 premarket
    ** Stock shot up ~60% on Wednesday after the Wall Street
Journal reported closely held Embedded Insurance has made
multiple approaches and offered to acquire Root for $19.34 per
share, citing people familiar with the matter
    ** The offer price would be a 221% upside to stock's closing
price on Tuesday 
    ** Root did not immediately respond to a request for a
comment
    ** Stock has more than doubled so far in 2023

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))