By Dean Seal
Shares of Allegro MicroSystems jumped after Bloomberg reported that the company is being pursued for a takeover by On Semiconductor.
The stock was up 13% at $25.22 in premarket trading on Monday. Shares were trading at $32.48 this time a year ago.
The report, citing unnamed sources, said on Sunday that ON Semiconductor had engaged advisers to pursue a takeover of Allegro, its smaller competitor.
The semiconductor-technology company could see additional suitors emerge, according to the report. Allegro hasn't indicated whether it would be open to a potential sale, Bloomberg said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 03, 2025 07:22 ET (12:22 GMT)
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