WASHINGTON (dpa-AFX) - onsemi (ON) Monday said it has terminated its efforts to acquire Allegro MicroSystems, Inc. (ALGM) and withdrawn its all-cash proposal to acquire Allegro for $35.10 per share.
The company said it 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 determined there is no actionable path forward.
In connection with the announcement, onsemi intends to continue to allocate capital towards the Company's existing share repurchase program.
'onsemi is committed to taking a disciplined approach to capital allocation and maximizing long-term stockholder value,' said Hassane El-Khoury, president and CEO, onsemi. 'While we continue to believe that a combination with onsemi would be beneficial to all stakeholders of both companies, after careful consideration, we have decided to withdraw our acquisition proposal given the reluctance of Allegro's Board of Directors to fully engage and explore our proposal. We continue to respect both the leadership team at Allegro as well as its talented base of employees.'
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