Allegro MicroSystems jumps after Onsemi takeover rebuff
ReutersMar 6, 2025 10:55 AM
Semiconductor solutions provider Allegro MicroSystems ALGM.O shares up 9% at $29.19 in premarket
Company turns down a $6.9 billion takeover approach from Onsemi ON.O
ALGM rejects offer saying it was "inadequate" as the company refused yet another approach from the larger rival
Chipmaker Onsemi said on Wednesday it offered $35.10 for each Allegro share in a deal that would help it ride out a prolonged slump in demand for automotive chips
The offer was at a premium of about 31% to Allegro's closing on Wednesday
As of last close, ALGM has gained ~23% YTD
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