iRobot (NASDAQ:IRBT) stock dropped as much as 35% on reports that the European Union's antitrust watchdog is poised to oppose Amazon's (NASDAQ:AMZN) proposed acquisition of the Roomba vacuum maker.
The Wall Street Journal said in its report that the $1.7 billion deal is likely to be blocked.
Following discussions between European Commission competition officials and Amazon representatives, it has been revealed that the European Union is likely to reject Amazon's proposed acquisition of iRobot, the report added.
The European Commission's formal approval, led by competition commissioner Margrethe Vestager, is pending, with a final decision expected by February 14.
Amazon could also opt to walk away from the deal. IRBT stock was already down 39%.
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