ON Semiconductor Withdraws $6.9 Billion Bid to Acquire Allegro
ON Semiconductor Corp. scrapped efforts to acquire Allegro MicroSystems Inc., withdrawing a bid of $35.10 a share.
ON Semiconductor, which does business as Onsemi, determined that there was “no actionable path forward” toward a deal, according to a statement on Monday. Allegro slid about 12% to $19.40 in late trading in the wake of the announcement.
Onsemi disclosed its offer last month, saying it made a bid valuing the company at $6.9 billion including debt. The latest bid was up from a September proposal of $34.50.
The company is “committed to taking a disciplined approach to capital allocation and maximizing long-term stockholder value,” Onsemi Chief Executive Officer Hassane El-Khoury said in the statement.
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