Allegro MicroSystems (ALGM) said Wednesday that it had turned down acquisition offers from semiconductor rival Onsemi (ON), calling the proposals 'inadequate' for its shareholders.

The company's statement follows Onsemi's recent announcement of withdrawing its unsolicited bid to buy Allegro.

The decision follows consultation with independent financial and legal advisors, the company said.

Allegro said it remained open to discussions and even laid out a path for constructive engagement with Onsemi, both before and after Onsemi made its proposal public, adding that Onsemi chose not to continue down that path.

Onsemi did not immediately respond to MT Newswires' request for comment.