Reported 3 days ago
Allegro Microsystems' shares rose significantly on Thursday after the company rejected a $35.10 per share bid from ON Semiconductor, labeling it as 'inadequate.' This offer increased from a previous $34.50 proposal. Onsemi's CEO believed a merger could lead to a diversified leader in automotive and industrial sectors, but following Allegro's dismissal, Onsemi's stock fell nearly 5%.
Source: YAHOO