Posted on 02/02/2024 6:10:20 AM PST by Red Badger
Following a recent announcement that Amazon and iRobot have terminated their $1.4 billion merger agreement, the Federal Trade Commission (FTC) Associate Director for Merger Analysis Nathan Soderstrom released a statement expressing the Biden regulators’ pleasure at the dissolution.
“We are pleased that Amazon and iRobot have abandoned their proposed transaction…The Commission’s investigation revealed significant concerns about the transaction’s potential competitive effects,” Soderstrom said in the statement.
U.S. federal lawmakers, including Massachusetts Senator Elizabeth Warren, previously called on the FTC to block the merger in a joint letter.
“iRobot is a powerful market incumbent, and Amazon, given its vast resources, history of producing smart vacuums…and powerful platform, is an extraordinarily significant ‘potential entrant’ into the market: Amazon’s ability to acquire iRobot would cause substantially less competition,” the lawmakers wrote.
The companies attributed the FTC’s opposition to the European Union (EU) in a press release, saying 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.” iRobot, who primarily manufactures vacuums, disclosed that as a result of the merger block they are forced to lay off approximately 350 employees (31% of the company’s workforce).
On Monday Amazon responded to the merger’s termination.
“We’re disappointed that Amazon’s acquisition of iRobot could not proceed,” said David Zapolsky, Amazon SVP and General Counsel. “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.”
Another disaster of Biden’s making, in his war on home appliances. Biden hates the everyday homeowner.
I have concluded that Sloe Joe hates America!
They probably contributed to her campaign......
“I have concluded that Sloe Joe hates America!”
But he LOVES Rehobeth beach... if you’ve been there you would understand... it’s Delaware’s version of P-town out on Cape Caaad.
“The White House is like a subway. You have to put in coins to open the gates.” Quoth Johnny Chung
Celebrating the loss of 350 jobs, no less.
Ah, so it's like one of those LGBTQ+-friendly beach towns, only more for the pedophile crowd?
Never been to Rehobeth beach. Have no desire to go, either.
HST, Sloe Joe and his family and FRiends are insulated FRom reality — they do not have to suffer the consequences of their actions like the rest of us do. So, Rehobeth is one of his hideaways - to escape reality?
What makes Provincetown so special that Delaware has to have its own “copy” of it?
I haven’t been to P-town and have no desire to go there, either.
More F-ing Bull S^^T!
It is hard to tell if they are communists or fascists.
I did a lot of tower work in and around both areas. Trust me, it ain’t a normal family vacay spot
Thanks for your report! It would appear that I did not miss anything!
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.