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3w ago

Onsemi Withdraws $6.9 Billion Bid for Allegro MicroSystems

The decision comes after Allegro's board deemed the offer inadequate, prompting Onsemi to shift focus to other growth strategies and shareholder returns.

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Overview

  • Onsemi officially withdrew its $6.9 billion acquisition proposal for Allegro MicroSystems on April 14, 2025, citing a lack of engagement from Allegro's board.
  • The offer, valued at $35.10 per share, was described as inadequate by Allegro following an earlier rejection of a $34.50 per share proposal.
  • Onsemi CEO Hassane El-Khoury stated there was no actionable path forward, leading to the decision to terminate acquisition efforts.
  • Allegro’s shares dropped 12.5% in extended trading following the announcement, while Onsemi’s stock rose by up to 2.47%.
  • Onsemi plans to prioritize other opportunities, including its existing stock buyback program and long-term investments in automotive and industrial markets.