Amazon.com, iRobot amend merger price to $51.75 per share

Amazon (AMZN) and iRobot (IRBT) announced that they have agreed to amend the existing terms of their merger agreement to reflect a change to the price per share. Under the amended terms, Amazon will pay $51.75 per share revised from $61.00 per share. At the same time, iRobot has entered into a $200M financing facility to fund its ongoing operations. For Amazon, the change in price per share is expected to be largely offset by the planned increase in iRobot’s net debt under the new financing facility. “We’ve reached an amended agreement with Amazon that reflects the incurrence of iRobot’s new debt,” said Colin Angle, chairman and CEO of iRobot. “iRobot is taking on new financing that we believe is sufficient to support our operations in a hyper competitive environment and meet our liquidity needs as well as pay off iRobot’s existing debt. This new financing is the outcome of a thorough process and represents the best terms reasonably obtainable on additional financing to support our operations.” “We are pleased to support iRobot in this way so they can continue inventing and delivering for customers while our proposed acquisition awaits regulatory approval,” said Dave Limp, SVP of Amazon Devices. “As we said when we announced the merger last August, customers love iRobot products and we’re excited to work with them to invent in ways that make customers’ lives easier and more enjoyable.” Completion of the transaction remains subject to customary closing conditions, including regulatory approvals and approval of the amended merger agreement by iRobot’s stockholders. Amazon and iRobot are working cooperatively with the relevant regulators in their review of the merger.