Amazon (NASDAQ: AMZN) has cut the price it will pay to acquire (NASDAQ: IRBT) after the target entered into a new financing facility to fund operations. iRobot ivestors focused on an eventual payout reacted accordingly, sending shares of iRobot down neary 14% on Tuesday.
Amazon agreed to acquire iRobot last summer, offering $61 per share in cash, or about $1.7 billion, for the Roomba maker. The deal looked like a bargain at the time: The buyout price was about 75% below iRobot's all-time high.
Alas, the deal has progressed slower than the companies had hoped, with the U.S. Federal Trade Commission and European regulators examining the antitrust implications. On Tuesday, iRobot announced it has entered a new $200 million financing facility to fund ongoing operations.
Source Fool.com