:max_bytes(150000):strip_icc()/GettyImages-2203497053-e01c68aefd9d4aaf8d8bbba0fccb7280.jpg?w=1920&resize=1920,1267&ssl=1 "Allegro MicroSystems Stock Slumps as Onsemi Pulls Nearly B Acquisition Offer")
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key takeaways
- The shares of Elgro Microsystams fell after a semiconductor on Tuesday, stating that it withdrew the offer for the acquisition.
- Last month, Onsemi shared its proposal at $ 35.10 per, but said he determined that “there is no further action to take action.”
- The CEO of Onsemy stated that the company believes the deal “would be beneficial for all stakeholders,” but said that the “reluctance” of Elegro’s board inspired it to pull the proposal.
The shares of Allegro Microsystems (ALGM) on Tuesday announced 8% on Tuesday after chipmaker on the semiconductor (ON) that it had pulled its proposal to acquire the circuit manufacturer.
On the semiconductor, or Onsemi, the last month brought its proposal to $ 35.10 per share, evaluating Elegro about $ 6.9 billion. Elegro rejected the proposal, called it “insufficient”.
Onsemy said on Tuesday that he withdrew his proposal after determining that “there is no further action to take action.”
“When we believe that a combination with Onsemi will be beneficial for all stakeholders of both companies, after carefully considering, we have decided to withdraw our acquisition proposal, which is to fully attach the disrespect of the board of directors of Elegro and find out our proposal,” said Hasain L-Khauri, CEO Hasain L-Khauri.
In February, the results of the fourth quarter of Onsemy decreased by estimates as El-Khauri stated that the firm “continued to navigate the decline of the market, calling 2025” uncertain “years. Onsemy shares were less than 1% about 30 minutes before the early bell.
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