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Allegro MicroSystems, Inc. (NASDAQ:ALGM) shares are trading higher premarket on Thursday after it disclosed receiving a proposal from ON Semiconductor Corporation (NASDAQ:ON) for $35.10 per share, with an implied enterprise value of $6.9 billion.
The all-cash offer reflects a 57% premium over Allegro’s closing price on February 28, 2025, the last trading day before reports of onsemi’s acquisition interest surfaced.
Allegro’s Board, after consulting independent financial and legal advisors, deemed onsemi’s proposal inadequate.
Notably, onsemi has repeatedly sought to engage Allegro MicroSystems in discussions over the past six months.
The latest proposal, submitted on February 12, 2025, raised the offer to $35.10 per share, up from an initial $34.50 per share proposal as of September 2, 2024.
Read: ON Semiconductor Focuses On AI Chip Growth, To Cut 2,400 Jobs to Stay Competitive
Hassane El-Khoury, President and Chief Executive Officer of onsemi said, “The Allegro team has built an impressive leadership position in magnetic sensing and power ICs for the automotive and industrial end-markets.”
”Together, Allegro’s unique product portfolio and onsemi’s differentiated intelligent power and sensing technologies would create a diversified leader in automotive, industrial and AI data center applications.”
As of December 31, 2024, ON Semiconductor held $2.99 billion in cash and equivalents.
Investors can gain exposure to ALGM stock via iShares Breakthrough Environmental Solutions ETF (NASDAQ:ETEC) and SPDR S&P Semiconductor ETF (NYSE:XSD).
Price Action: ALGM shares are up 9% at $29.19 premarket at the last check Thursday.
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