By Emily Dattilo
Shares of Allegro Microsystems were charging higher following a media report that the chip maker could be a takeover target for competitor ON Semiconductor.
Allegro stock gained 20% to $26.78 in morning trading, on track for its largest daily percentage increase on record, according to Dow Jones Market Data.
ON Semi has been working with advisers in recent months to consider a deal, Bloomberg reported on Sunday, citing people familiar with the matter. It's possible other companies could do the same, but Allegro hasn't indicated whether it would be open to a possible sale.
Allegro and ON Semi didn't immediately respond to respond to requests for comment.
"Semiconductor companies interested in bulking up their automotive capabilities could look at buying Allegro, the people said," Bloomberg wrote.
Write to Emily Dattilo at emily.dattilo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 03, 2025 09:39 ET (14:39 GMT)
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