iRobot Corporation IRBT shares are trading lower on Wednesday. The stock continued to sell off in the wake of news from last week regarding Amazon.com, Inc.’s AMZN proposed acquisition of the company.
What To Know: Shares experienced volatility in November amid a report which suggested that Amazon’s proposed acquisition of the company was anticipated to get unconditional approval from EU antitrust authorities. Amazon had previously agreed to acquire the company for $61 per share on Aug. 5, 2022.
While the stock surged in response, iRobot shares largely consolidated into the new year. However, last Wednesday, the stock tanked following a report suggesting Amazon skipped a settlement offer with the European Commission for its deal with the company, throwing a wrench into the $1.7 billion acquisition.
Related Link: Amazon Set for Significant Expansion in Cloud and Retail, Analyst Foresees 2024 Boom
IRBT Price Action: Shares of iRobot were down 8.44% at $27.66 at the time of publication, according to Benzinga Pro.
Image by Oleg Gamulinskii from Pixabay
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