On Semi (ON), which made its pursuit of Allegro MicroSystems (ALGM) public earlier this month, disclosing an unsolicited bid that valued the company at $6.9B, including debt, has hired Morgan Stanley (MS) for advice alongside UBS Group (UBS) as it weighs an acquisition of the advanced chipmaker, people familiar with the matter told Bloomberg’s Gillian Tan and Ryan Gould.
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