Root Inc. said Thursday that it does not currently have an actionable bid for its acquisition.
Thursday’s statement was issued following reports Root had received a bid from Embedded Insurance.
The Columbus, Ohio-based parent company of Root Insurance said its board “has always considered and evaluated, and will continue to consider and evaluate, any bona fide proposal or opportunity to enhance shareholder value in accordance with its fiduciary duties.”
“At this time Root is not in receipt of any proposal that is either actionable or in the best interests of Root’s shareholders,” the statement said.
Last week, the Wall Street Journal reported Embedded Insurance gave Root an offer and has been trying to court the insurtech.
Attempts by Insurance Journal to reach Root and Embedded were unsuccessful.
According to court records in the Delaware Court of Chancery, Root sued Embedded earlier this month on grounds Embedded violated a non-disclosure agreement.
Meanwhile, Root has been battling its former chief marketing officer in court. The former employee is accused of stealing $10 million from the company. In March, Root let its chief financial officer go for violating company policies.
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