iRobot sucks wind after Amazon deal failure
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iRobot shares fell nearly 9% on Monday, after its $1.4 billion takeover by Amazon was scuttled by European antitrust regulators, and was down even further in early Tuesday trading.
Zoom in: The Roomba maker also announced plans to lay off 31% of its employees, which represents around 350 people, and said that it no longer plans to work on non-floorcare products like autonomous lawn mowers.
- Company co-founder Colin Angle resigned as chairman and CEO, effective immediately.
By the numbers: iRobot originally agreed to be acquired by Amazon in 2022 for $1.7 billion, before the price was later cut to $1.4 billion. Now the Bedford, Mass.-based company has a market cap of just $432 million and an enterprise value of $522 million.
Go deeper: European regulators pose fresh obstacles for U.S. businesses
