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Amazon has called off its proposed acquisition of Bedford, Massachusetts-based iRobot, with the ecommerce giant blaming "undue and disproportionate regulatory hurdles." Now that the deal has been called off, iRobot said it will undergo a restructuring plan designed to stabilize the company. As part of those changes, the company will lay off roughly 350 employees.
IRobot stock falls 16% after Amazon merger falls apart, shares recover 7% by end of day. Company to restructure, CEO resigned.
Amazon's proposed acquisition of iRobot has no path to regulatory approval in the European Union, preventing Amazon and iRobot from moving forward together—a loss for consumers, competition, and innovation.
Neither Amazon nor iRobot are very happy
The European Commission said its preliminary view of the deal was it could harm competition for iRobot's rivals on Amazon's online marketplace