Allegro MicroSystems Surges on Acquisition Interest from ON Semiconductor

Mar 03, 2025

Allegro MicroSystems' (ALGM, Financial) stock surged by 19.2% following reports that ON Semiconductor (ON) is interested in acquiring the chip manufacturer. This move highlights ON Semiconductor's strategy to expand its automotive business capabilities. Additionally, other potential buyers looking to enhance their presence in the automotive sector may also show interest in Allegro MicroSystems.

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