iRobot sinks after saying last potential buyer has dropped out

[Woman Hand Using iRobot Roomba 980 Cleaning Vacuum]
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iRobot (NASDAQ:IRBT [https://seekingalpha.com/symbol/IRBT]) plunged 33% after the maker of Roomba robot vacuum said that the last bidder for the company has dropped out of the sales process.

iRobot (NASDAQ:IRBT [https://seekingalpha.com/symbol/IRBT]) has been trying to sell itself since March.

"Although this review process remains active and ongoing, last week the last remaining counterparty to a potential sale transaction withdrew from the process following a lengthy period of exclusive negotiations, and we currently are not in advanced negotiations with any alternative counterparties to a potential sale or strategic transaction," iRobot said in an 8-K filing [https://seekingalpha.com/filing/10560002]on Monday.

iRobot (IRBT [https://seekingalpha.com/symbol/IRBT]) also said that the last bidder offered to buy the company at a price that was "significantly lower" than the trading price of the stock over recent months.

Amazon (AMZN [https://seekingalpha.com/symbol/AMZN]) originally agreed to purchase iRobot (IRBT [https://seekingalpha.com/symbol/IRBT]) in a $1.7 billion deal, but the transaction was scuttled [https://seekingalpha.com/news/4059472-irobot-tumbles-after-sale-to-amazon-terminated] in January 2024 when the parties failed to win regulatory approval for the deal.

iRobot (IRBT [https://seekingalpha.com/symbol/IRBT]) has short interest of 26%. [https://seekingalpha.com/symbol/IRBT]

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