By Stephen Nakrosis
ON Semiconductor on Monday said it has withdrawn its $35.10 per share offer to acquire Allegro MicroSystems, saying it determined there is no actionable path forward.
Last month, onsemi submitted the proposal to acquire Allegro to that company's board. At the time, onsemi said the deal had an implied equity value of $6.9 billion.
Allegro shares closed at $26.78 on March 5, the day the offer was announced, gaining almost 7%. They closed Monday's regular session at $22.01, losing almost 1%. In the after-hours market, the stock has fallen 5.5%, to trade at $20.79.
Onsemi said it intends focus on other existing opportunities to enhance stockholder value, including continuing to allocate capital toward its existing share repurchase program.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 14, 2025 16:56 ET (20:56 GMT)
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