Down to $9 in a weird press release from management after hours. All of a sudden they bring up a buyout offer from 1 year ago with some caveat language that almost signals a hostile takeover might be in play. They never said a word on this when it was first reported by the WSJ a year ago. With a low share price, this might be a low risk high reward little pop.

This post was edited on 6/29/23 at 5:10 pm

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Posted by UltimaParadox

North Carolina

Member since Nov 2008

50822 posts

Posted on 6/29/23 at 5:55 pm to Tomatocantender

It appears you missed the news from last Thursday.

quote:
Car insurer Root (NASDAQ:ROOT) jumped 35% after a report of a takeover approach on Wednesday sent the shares surging 60%. 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. The offer represents a 222% premium to ROOT's closing price on Tuesday.

The share price was 5 dollars before that announcement.

Guessing it is heading back to 5 pretty soon then. After they clarified today they really have no offer.

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Posted by Tomatocantender

Boot

Member since Jun 2021

5565 posts

Posted on 6/29/23 at 7:19 pm to UltimaParadox

quote:
It appears you missed the news from last Thursday

If you keep reading you'll see that the $19 buyout was actually offered 1 year ago and Root management never issued any type of press release on the matter till today.

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Posted by Tomatocantender

Boot

Member since Jun 2021

5565 posts

Posted on 7/10/23 at 8:38 am to Tomatocantender

ROOT currently at $10.25 from $9 after-hours that piqued my interest. That's 14% in 11 days. You're welcome TD Money Talk. I should start charging a finder's fee.

This post was edited on 7/10/23 at 8:40 am

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