iRobot Stock Plummets as Amazon Refuses EU Concessions

The European Commission to decide on the $1.7 billion acquisition by February 14, 2024.

iRobot's stock fell by 19.8% following reports that Amazon will not offer concessions to European Union (E.U.) antitrust regulators regarding its planned acquisition of the home robotics specialist.
The European Commission (EC) had issued a 'statement of objections' to Amazon's deal to acquire iRobot, expressing concerns that the purchase could restrict competition in the market for robotic vacuum cleaners (RVCs).
Amazon and iRobot had until the end of the day on January 10, 2024, to present offers to the EC to make changes to Amazon's business in the E.U. market, but Amazon reportedly chose not to do so.
The EC has set a deadline of February 14, 2024, to approve or deny the acquisition.
While iRobot's stock value plummeted, Amazon's shares experienced an increase of 1.5% on the same day.