Shares of Root Inc. rocketed 37.4% toward a 10-month high in premarket trading Thursday, a day after soaring 59.8%, in the wake of a report in The Wall...
Shares of Root Inc.
rocketed 37.4% toward a 10-month high in premarket trading Thursday, a day after soaring 59.8%, in the wake of a report in The Wall Street Journal that a potential buyer has emerged for the car-insurance company. Citing people familiar with the matter, the WSJ report, which published just before Wednesday’s closing bell, said Embedded Insurance has bid to buy Root for $19.34 a share, which represents a 221.3% premium to Tuesday’s closing price of $6.02.
rocketed 37.4% toward a 10-month high in premarket trading Thursday, a day after soaring 59.8%, in the wake of a report in The Wall Street Journal that a potential buyer has emerged for the car-insurance company. Citing people familiar with the matter, the WSJ report, which published just before Wednesday’s closing bell, said Embedded Insurance has bid to buy Root for $19.34 a share, which represents a 221.3% premium to Tuesday’s closing price of $6.02.
which owns 8.5% of Root’s outstanding common stock, slipped 0.7% in Thursday’s premarket after rallying 2.8% on Wednesday. Root’s stock has more than doubled over the past three months through Wednesday , while the S&P 500 SPX has gained 10.9%.
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