© Allegro Microsystems via LinkedIn
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Allegro rejects onsemi's offer, calls It 'inadequate'
Allegro MicroSystems has confirmed receiving an unsolicited acquisition proposal from onsemi, offering USD 35.10 per share in cash. However, after reviewing the proposal, in consultation with independent financial and legal advisors, Allegro’s board of directors has deemed the offer inadequate.
onsemi has been pursuing Allegro for the past six months, submitting multiple acquisition proposals. The latest offer of USD 35.10 per share follows an earlier bid of USD 34.50 per share, which Allegro previously declined.
Allegro has not disclosed whether it is open to further negotiations. In a statement the company says it "does not intend to comment further on this matter unless it determines it necessary to do so."