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Onsemi has officially withdrawn its proposal to acquire Allegro MicroSystems, terminating an all-cash offer valued at $35.10 per share, which amounted to approximately $6.9 billion. The decision was made after Onsemi determined that there was no actionable path forward due to Allegro's board's reluctance to consider the proposal. Following this announcement, Allegro's stock experienced a decline of 13.5%, reaching $20.12, while Onsemi's shares increased by 6%, rising to $37.68. Onsemi has indicated that it will now focus on enhancing shareholder value through its existing share repurchase program.
Just in: Allegro MicroSystems $ALGM drops 8% to $20.12 after On Semi withdraws its buyout proposal. Meanwhile, On Semi shares rise 6% to $37.68.
Just in: Onsemi $ON has withdrawn its proposal to acquire Allegro MicroSystems $ALGM for $35.10 per share. Onsemi will focus on enhancing stockholder value through its existing share repurchase program.
Just in: Allegro MicroSystems $ALGM drops 13.5% as On Semi $ON withdraws from a $6.9B acquisition deal. Market reacts to the unexpected move, impacting ALGM's stock performance.
