Allegro MicroSystems issues statement following withdrawal of On Semi proposal

Allegro MicroSystems (ALGM) issued the following statement regarding On Semi’s (ON) withdrawal of its unsolicited proposal to acquire Allegro: “As a general matter, the Board of Directors of Allegro believes that public discourse around speculative transactions is not productive nor in the best interests of our stockholders. However, in light of current market speculation about our engagement with Onsemi, we believe it is important to provide stakeholders additional details about the process undertaken by the Board. As it would with any potentially credible outreach, the Board, in consultation with its independent financial and legal advisors, carefully reviewed and considered Onsemi’s proposals and unanimously determined each was inadequate. Allegro remained in communication with Onsemi and its advisors. The Board repeatedly laid out a clear and constructive path for engagement for Onsemi and its advisors that would allow Onsemi the opportunity to offer greater value for our stockholders. Despite continued engagement from the Board and its advisors, Onsemi declined to pursue this path. The Board has been and remains fully committed to acting in the best interests of its stockholders. We are confident Allegro is uniquely positioned to address the mega-trends of electrification and autonomy with our differentiated sensing and power technologies. Our focus remains on continued innovation to drive forward our competitive advantages while partnering closely with our customers to extend our market leading positions in e-Mobility, clean energy, data center, robotics and automation and unlock additional stockholder value.”