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.
Webster’s dictionary has it it’s about occult symbolism not hard to understand duh.
No it’s about occult symbolism read the dictionary
I understand the meaning; your use of the word falls flat.
And it has what to do with robot vacuums? You are the one who misused it. And it is still a 5 pointed star. I poked fun at your misuse of a word and you are getting mad.
It isn’t the 5 pointed star that’s the issue it’s about what it represents occult symbolism.
You misused it better dig out a dictionary if you own one.
NO it doesn’t it’s about occult symbolism like owning a fad item better reread it.
Trust me, what you wrote fell flat. If it worked I would admit it, but it doesn’t.
Your wrong and can’t admit it’s a weakness.
Good lord you are dense. You said it was the pentacle of laziness. Just admit you misused the word. I know what the word means which is why I made a joke about the star and the robo vacs. I could have just told you what it meant since you obviously did not know util now.
Okay I admit it. You are right and all your readers are wrong.
You misused it’s definition 100% again.
It's quite possible that rather than misusing the word, he used it so unartfully that his intention to analogize the presence of an automatic floor vacuum as evidence of laziness to the presence of a pentagram as evidence of occultishness fell flat.
That being the case, I suppose one could say "Washing machines the pentacle of laziness".
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.