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BUZZ-Allegro jumps on report of takeover interest from ON Semiconductor

Reuters
Mar 03, 2025
BUZZ-Allegro jumps on report of takeover interest from ON Semiconductor

** Allegro MicroSystems' ALGM.O shares rise 18.5% to $26.83

** The sensor integrated circuits provider is drawing takeover interest from larger competitor ON Semiconductor ON.O, Bloomberg reported on Sunday, citing people familiar with the matter

** ON has been working with advisers in recent months to pursue ALGM, says the report

** ALGM did not immediately respond to a Reuters request for comment

** Separately, last week, ON said it would lay off about 2,400 of its employees worldwide in 2025

** ALGM has a market capitalization of $4.11 bln vs ON's $19.83 bln, according to LSEG data

** Including session's move, ALGM up about 21% YTD

(Reporting by Sanchayaita Roy in Bengaluru)

((sanchayaita.roy@thomsonreuters.com))

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