Root Inc slumps as it sees no actionable buyout offer

Root

30/06/2023 12:51

** Car insurer Root Inc's shares  RIC  slump 18.3% to $9.16
before the bell
    ** Co issued statement in post market hours on Thursday that
it is not in receipt of any proposal that is actionable
    ** ROOT had surged ~60% on June 21 after Wall Street Journal
reported closely held Embedded Insurance has made multiple
approaches and offered to acquire Root for $19.34/shr, citing
people familiar with the matter
    ** Stock up 86% since the report, and as of last close has
risen 149.67% YTD

 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))