Amazon Braces To Snap Up iRobot At 22% Premium In Cash

Articles From: Benzinga
Website: Benzinga


Benzinga Staff Writer Inc agreed to acquire iRobot Corp for $61 per share in an all-cash transaction valued at $1.7 billion. The purchase price implies a 22% premium to iRobot’s August 4 closing price of $49.99.

iRobot has a history of making customers’ lives easier with innovative cleaning products for the home.

Dave Limp, SVP of Amazon Devices said, “Over many years, the iRobot team has proven its ability to reinvent how people clean with products that are incredibly practical and inventive—from cleaning when and where customers want while avoiding common obstacles in the home, to automatically emptying the collection bin.”

Amazon held $60.7 billion in cash and equivalents as of June 30. iRobot clocked a second-quarter FY22 revenue decline of 30.2% to $255.4 million, missing the consensus of $303.1 million.

Unexpected order reductions, delays, and cancellations from retailers in North America and EMEA drove the decline. Geographically, second-quarter 2022 revenue declined 39% in EMEA, 29% in the U.S., and 18% in Japan over the prior period last year.

Price Action: 

IRBT shares traded higher by 19.50% at $59.75 in the premarket on the last check Friday.

Originally Posted August 5, 2022 – Amazon Braces To Snap Up iRobot At 22% Premium In Cash

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