2024-01-29 10:55:00 ET
It's official: Amazon (NASDAQ: AMZN) has ended its pursuit of iRobot (NASDAQ: IRBT) more than a year after striking a deal to buy the company for $61 per share and ultimately agreeing to pay $51.75 per share after iRobot took on debt to fund operations.
This isn't entirely surprising given Amazon said it won't concede changes requested by the European Union . This likely ended any chance the E.U. would approve the merger.
There's no doubt this is a big blow to iRobot. Shares now trade for about 30% of the acquisition price, and investors need to reassess the business.
For further details see:
iRobot Drops 18.8% After Amazon Acquisition Falls Apart