- Allegro MicroSystems (ALGM, Financial) rejects Onsemi's acquisition proposal as inadequate.
- Allegro aims to maintain a strong market position in e-Mobility, clean energy, data center, robotics, and automation sectors.
- PJT Partners and Davis Polk & Wardwell LLP serve as advisors for Allegro's evaluation process.
Allegro MicroSystems, Inc. (NASDAQ: ALGM) announced in a statement that Onsemi has withdrawn its unsolicited proposal to acquire Allegro. The Board of Directors, after thorough review with independent financial and legal advisors, unanimously deemed Onsemi's proposals inadequate in terms of stockholder value. Although Allegro had maintained communication with Onsemi and offered a path for greater value engagement, Onsemi opted not to pursue it.
The Board emphasized Allegro’s unique position in addressing electrification and autonomy trends through its advanced sensing and power technologies. Allegro is committed to innovating within high-growth sectors such as e-Mobility, clean energy, data centers, robotics, and automation to strengthen its competitive edge and maintain market leadership.
PJT Partners serves as the financial advisor and Davis Polk & Wardwell LLP as the legal advisor for Allegro in this evaluation. The decision underscores Allegro's confidence in its standalone valuation and growth prospects, and it signals a strategic focus on long-term innovation and partnerships.
