Onsemi withdraws proposal to acquire allegro microsystems

Scottsdale, ariz.--(business wire)--onsemi (nasdaq: on) today announced that it has terminated its efforts to acquire allegro microsystems, inc. (“allegro”) (nasdaq: algm) and withdrawn its all-cash proposal to acquire allegro for $35.10 per share. while onsemi continues to believe that a combination of these companies would have brought two highly complementary businesses together, benefiting their respective customers and delivering immediate value to allegro shareholders, onsemi has determin.
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