By Denny Jacob
Car-insurance startup Root shares jumped 10%, to $6.64, following a Wall Street Journal report of a takeover bid.
The stock is up 48% on the year and down 71% over the last 12 months.
Embedded Insurance, run by insurance-technology entrepreneur James Hall, has made multiple approaches and offered to acquire Carvana-backed Root for $19.34 a share, the Journal reported.
A spokesperson for Root said that the company’s board “evaluates how best to deliver shareholder value in accordance with its fiduciary duties,” according to the report.
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