IRobot Stock Plummets As EU Moves To Block Takeover By Amazon

iRobot (IRBT) stock experienced a significant decline due to news of potential antitrust issues surrounding Amazon.com’s (AMZN) acquisition plans. European Union’s competition watchdog aims to block Amazon’s bid to purchase iRobot, citing concerns about potential market competition restriction in the robot vacuum cleaner industry. The commission’s recommendation will be submitted for approval from top political leaders by the February 14 deadline. iRobot stock fell by 28.9% in morning trades, while Amazon stock saw a slight increase. The proposed acquisition was initially announced in August 2022 and subsequently modified in July 2023. iRobot stock reached a peak during the Covid pandemic in January 2021 when consumers showed increased interest in home electronics.