Allegro MicroSystems shares sink as Onsemi shelves $6.9 billion deal

In this article ALGM ON Follow your favorite stocks CREATE FREE ACCOUNT Thomas Fuller | Sopa Images | Lightrocket | Getty Images U.S. chipmaker Onsemi scrapped its $6.

9 billion offer for smaller rival Allegro MicroSystems on Monday, ending a months-long pursuit that sought to capitalize on a market downturn to boost its footprint in the automotive industry. Allegro had said in March that a sweetened $35.10 per share offer from Onsemi was "inadequate," just a few months after the smaller chip firm turned down a $34.



50 a share proposal. "We have decided to withdraw our acquisition proposal given the reluctance of Allegro's Board of Directors to fully engage and explore our proposal," Onsemi CEO Hassane El-Khoury said. Allegro did not immediately respond to a request for comment.

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