Why iRobot Stock Plunged Today
Shares of iRobot (NASDAQ: IRBT) fell 19.8% late Wednesday after Politico reported Amazon.com (NASDAQ: AMZN) will not offer concessions to European Union (E.U.) antitrust regulators as it works to clear its impending acquisition of the home robotics specialist.
Citing two people familiar with the situation late this afternoon, Politico says Amazon and iRobot have until the end of the day today to present offers to the European Commission (EC) to make changes to Amazon's business in the E.U. market. Amazon is apparently opting not to cave to that pressure.
Recall in November, the EC issued a "statement of objections" to Amazon's deal to acquire iRobot -- best known for its Roomba line of robotic vacuum cleaners (RVCs) -- detailing its view that the purchase could restrict competition in the market for RVCs.
Source Fool.com
