iRobot Corporation (NASDAQ:IRBT) shares sank 17% to close at $34.35 on Monday after the European Union’s (EU) antitrust watchdog said Amazon’s planned $1.7 billion acquisition of the Roomba maker raises competition concerns, CNBC reported.
The European Commission stated that Amazon may have the ability to prevent or degrade iRobot rivals’ access to its online site.
An Amazon spokesperson told the media outlet in a statement that the company continues to work with the commission on addressing concerns identified in its probe.
The European Commission is expected to rule on the acquisition by February 14.
Amazon announced its intention to acquire iRobot for $61 a share in cash in August 2022.
On Friday, iRobot shares soared 39% after Reuters reported the acquisition is set to "win unconditional EU antitrust approval," citing three sources familiar with the matter.
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