Posted on 01/30/2024 6:19:49 AM PST by Red Badger
Technology company iRobot is undergoing major layoffs after the Federal Trade Commission (FTC) and European regulators opposed its acquisition by Amazon on Monday, multiple outlets reported.
Amazon had planned to acquire iRobot, which is most known for making robot vacuums, but the deal could not go through because of regulatory hurdles, according to a press release announcing the termination. iRobot immediately disclosed impending layoffs affecting about 350 employees, constituting 31% of its total workforce, after the termination announcement.
The companies primarily attributed the dissolution of the deal to the European Union (EU), stating in the press release that “Amazon’s proposed acquisition of iRobot has no path to regulatory approval in the [EU] preventing Amazon and iRobot from moving forward together—a loss for consumers, competition, and innovation.”
European Commission Executive Vice-President Margrethe Vestager noted the EU has “been in close contact with the US Federal Trade Commission” during its investigation on the potential consequences of the merger in a Monday statement following the termination.
The FTC notified Amazon of its intent to contest the merger, according to The Washington Post and The Wall Street Journal.
Amazon had a meeting slated with FTC commissioners this week, which could have been its final opportunity to advocate for the deal before a lawsuit, according to the Post. Amazon had received a warning about potential forthcoming FTC litigation the previous week, according to the WSJ.
“The calling off of this deal because of the actions European regulators are taking demonstrably leave Americans worse off, with iRobot laying off 31% of its employees and the CEO stepping down,” James Czerniawski, senior policy analyst at Americans for Prosperity, told the Daily Caller News Foundation. “This deal represented no legitimate competition concerns, and it is well beyond time for this administration to challenge the EU for its blatant targeting of American firms.”
iRobot declined to comment, pointing the DCNF to the press releases and flagging an upcoming earnings call on Feb. 27.
“This outcome will deny consumers faster innovation and more competitive prices, which we’re confident would have made their lives easier and more enjoyable,” Amazon Senior Vice President and General Counsel David Zapolsky said in the press release. “Undue and disproportionate regulatory hurdles discourage entrepreneurs, who should be able to see acquisition as one path to success, and that hurts both consumers and competition—the very things that regulators say they’re trying to protect.”
The FTC did not immediately respond to the DCNF’s request for comment.
pen-ta-cle
n. a five-star shaped figure,formerly used as an occult symbol
When the grifting banksters decide to make money off a merger they talk about synergies. When the same banksters decide to grift by splitting up a company they talk about focusing on core competencies.
No, spell check is.
We have a low-priced knockoff and it works great.
Maybe the Roomba is programmed to vacuum the floor by traveling in pentacless. That might improve sales in Washington, District of Corruption.
Pentacles are still used as an occult symbol. What dictionary claims he doesn’t exist?
check Webster’s dictionary
occult symbol
occult symbol was the point
even lazy people have one
No even the lazy have occult symbols
Robot vacuums is one of them
But robot vacuums are circular.
And for lazy people but it’s one of their symbols
I think you meant pinnacle. Pentacle is a star shaped object.
Apparently you meant "pinnacle". "Pentacle" is a five-pointed star.
Had to go watch some YouTube Roomba/cat videos...funny stuff!
There was a movie about that. It was titled “Rollerball”.
https://youtu.be/aVUxK1mNups?si=1cHFOMTm1CY8nHfD
Although I think we’re more likely to end up with the world deplicted in “Brazil”. Oh wait! We are in the world deplicted in “Brazil”.
Look the word up and understand the meaning it meaning it isn’t that hard.
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