After hours, $IRBT experienced a blowup in the merger arb space due to the buyout by $AMZN. The breakup fee of $94mn, 25% of after hours market cap, made it very risky. Regulators have been rejecting major acquisitions, and $IRBT's business is imploding with a 29% revenue fall and a $211.8 million operating loss. Despite being bankrupt on a standalone basis, $IRBT's situation reflects regulators' concerns about strengthening big tech. $IRBT stock plummeted 42% in after hours trading, leading to a wash with Roomba's 42% drop on Amazon. M&A deals are deemed mostly not worth it.
The micro caps are all over the place with $CISS destroying the 6 month break of equity issuances. $IMPP $PSHG $TOPS $TORO $CTRM https://t.co/WweBWBk0QE
Pretty wild. $IRBT is bankrupt on a standalone basis. β¦. π Yet, itβs clear that the regulators want concessions from big tech and are more concerned about risks of strengthening big tech vs loosing competition from smaller players. https://t.co/1jiso8u5Pj
$CISS was between 50-58 cents on the date below. Now down 68% to 12 cents just TODAY alone. https://t.co/4QaM0AImXh https://t.co/nMQyAGQSPN
$IRBT iRobotβs business is imploding. Its revenue fell 29% in the first nine months of 2023, even as its operating loss rose 36% to $211.8 million No wonder $AMZN is happy to not pursue the deal.
Most of the major acquisitions save $MSFT have been shelved by regulators $V said no to @Plaid $ADBE said no to @figma $NVDA had to say no to $ARM now $AMZN has to say no to $IRBT
$IRBT stock down 42% in after hrs. $IRBT Roomba down 42% on Amazon. Consider it a wash. #thurshumor Rate my joke plz https://t.co/wX7LzH8c4G
$IRBT ooooof. M&A are mostly not worth it. https://t.co/hyrDyo53Lt
$IRBT very risky but interesting, have a breakup fee of $94mn, which is 25% of after hours market cap...
Another blowup in the merger arb space after hours, now with the $IRBT buyout by $AMZN. I guess it's appropriate that $IRBT screw over the hedge fund community one last time.
$IRBT Wow wonder if anyone knew. https://t.co/XxdEm1FM5L