iRobot (IRBT) plummets after terminating Amazon (AMZN) deal; CEO resigns

These stocks are Bank of America's top picks for 2024

January 29, 2024 9:00 PM EST

Analysts at Bank of America highlighted their top stock picks for 2024 in a research note this week, with some big-name players making the list.

The US analysts' Year Ahead picks are all Buy-rated, with the list remaining the same until the end of the year, explained the investment bank.

Two of the top picks are, unsurprisingly, Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN), with Amazon... More

iRobot Corp. (IRBT) to Receive $94M Parent Termination Fee from Amazon (AMZN)

January 29, 2024 8:43 AM EST

As previously disclosed, on August 4, 2022, iRobot Corporation (NASDAQ: IRBT) entered into an Agreement and Plan of Merger (the Original Merger Agreement) with Amazon.com, Inc., a Delaware corporation (NASDAQ: AMZN), and Martin Merger Sub, Inc., a Delaware corporation and an indirect wholly owned subsidiary of Amazon (Merger Sub), providing for,... More

Amazon, Roomba-parent iRobot abandon $1.4 billion merger deal

January 29, 2024 8:40 AM EST

By David Shepardson

WASHINGTON (Reuters) -Amazon and robot vacuum maker iRobot said Monday they would end their plans to merge in the face of opposition from EU and U.S. antitrust regulators.

iRobot announced a significant restructuring plan to reduce costs and said it would cut about 31% of its workforce, or 350 jobs. The company also said founder Colin Angle has stepped down as its CEO of the Roomba robot vacuum manufacturer.

Angle said given the current challenges, he and the board "mutually decided that iRobot will be better served by a new leader with turnaround experience."

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Amazon (AMZN) and iRobot (IRBT) Agree to Terminate Pending Acquisition

January 29, 2024 8:30 AM EST

Today Amazon (NASDAQ: AMZN) and iRobot (NASDAQ: IRBT) announced that they have entered into a mutual agreement to terminate their previously announced acquisition agreement, originally signed on August 4, 2022, under which Amazon would have acquired iRobot for cash consideration. This deal would have allowed Amazon to invest in continued innovation by iRobot and support iRobot in lowering prices on products customers already love. The companies released the following statements today about the decision:

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