BUZZ-Allegro jumps on report of takeover interest from ON Semiconductor
ReutersMar 3, 2025 3:09 PM
Allegro MicroSystems' ALGM.O shares rise 18.5% to $26.83
The sensor integrated circuits provider is drawing takeover interest from larger competitor ON Semiconductor ON.O, Bloomberg reported on Sunday, citing people familiar with the matter
ON has been working with advisers in recent months to pursue ALGM, says the report
ALGM did not immediately respond to a Reuters request for comment
Separately, last week, ON said it would lay off about 2,400 of its employees worldwide in 2025
ALGM has a market capitalization of $4.11 bln vs ON's $19.83 bln, according to LSEG data
Including session's move, ALGM up about 21% YTD
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