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Allegro Stock Jumps as Chip Maker Rejects Onsemi’s $35.10 Per Share Bid
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Key Points
- Shares of Power Chips maker Allegro Microsystems jumped in intraday trading Thursday as it rejected its larger rival’s latest bid for semiconductors, also known as Onsemi, calling the proposal a “undersuit.”
- Onsemi offered Allegro a $35.10 per share, the proposal for September’s proposal for $34.50, the statement said in a statement Wednesday.
- Onsemi CEO El-Khoury said a merged company could create “a diversified leader in automotive, industrial and AI data center applications.”
Stock of Power Chips maker Allegro Microsystems (algm) stood out in day trading Thursday as it rejected the latest bid from its larger competitors in semiconductors (exist), also known as Onsemi, describes it as “insufficient”.
The person who Onsemi shared collapsed.
Onsemi said in a statement Wednesday that Allegro’s Allegro offered Allegro a price of $35.10, which the company said in a statement Wednesday, valued at $6.9 billion. Allegro responded to the proposal, saying it had reviewed the bid and “determines the proposal is insufficient.”
Onmi CEO Hassane El-Khoury said in a statement that he believes the merger between the two will “integrate two highly complementary businesses together.”
“The Allegro team has established an impressive leadership position in magnetic induction and strength I seeFor the automotive and industrial end markets, he noted that in conjunction with Onsemi’s technology, it could create “a diversified leader in automotive, industrial and AI data center applications.”
Onmi released its fourth quarter results last month, miss Profitability, sales and guidance estimates as it faces difficult macroeconomic conditions. Its shares fell about 5% on Thursday, losing more than 40% of its value in the past 12 months. Allegro shares were nearly 8% on Thursday.
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