Allegro MicroSystems Responds to Acquisition Proposal Withdrawal
Allegro MicroSystems Clarifies Position on Onsemi Proposal
In a recent announcement, Allegro MicroSystems, Inc. (NASDAQ: ALGM) shared crucial insights regarding Onsemi’s decision to retract its unsolicited acquisition proposal. Addressing investors and stakeholders, Allegro's Board of Directors (the "Board") expressed that public discussions about speculative transactions do not serve the best interests of their stockholders.
Commitment to Stakeholders
The Board clearly emphasized its commitment to clear communication, particularly about the current market speculations concerning Allegro's relationship with Onsemi. The Board, consulting with independent financial and legal advisors, thoroughly reviewed Onsemi’s proposals and collectively deemed them lacking in value for stockholders.
Details of the Engagement Process
Throughout the negotiation process, Allegro maintained consistent communication with Onsemi and its advisors, both before and after public discussions regarding the proposal. The Board communicated a transparent and constructive path forward, inviting Onsemi to present a more favorable offer for stockholders. However, despite multiple attempts at engagement, Onsemi decided not to take this opportunity.
Focus on Innovation and Growth
Allegro reassured stockholders of its dedication to enhancing value. The company is well-positioned to address significant trends such as electrification and autonomy, leveraging its unique capabilities in sensing and power technologies. Allegro's efforts are centered on continued innovation, reinforcing its competitive edge while collaborating closely with clients across various sectors including e-Mobility, clean energy, and automation. This synergy aims to unlock additional stockholder value.
Expert Advisors on Board
To navigate through this phase, PJT Partners is advising Allegro on financial matters while Davis Polk & Wardwell LLP handles legal services. These partnerships demonstrate Allegro's commitment to strategic decision-making that prioritizes stockholder interests.
About Allegro MicroSystems
With over thirty years of experience in magnetic sensing and power integrated circuits (ICs), Allegro MicroSystems is dedicated to enhancing efficiency and sustainability across automotive and industrial sectors. The company stands out as a leader in automotive-grade technology and continues to be an essential partner for its customers. For more details about Allegro MicroSystems, visit their official website.
Allegro Contact Information
For inquiries, contact:
Jalene Hoover
VP of IR & Corporate Communications
Phone: +1 512 751 6526
Email: jhoover@allegromicro.com
Matthew Sherman / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
Phone: +1 (212) 355-4449
Frequently Asked Questions
What was Onsemi's recent action regarding Allegro?
Onsemi recently withdrew its unsolicited proposal to acquire Allegro MicroSystems, prompting a statement from Allegro's Board.
How did Allegro's Board respond to the proposal?
The Board expressed that the proposals were not in the best interest of stockholders and chose not to accept them.
What is Allegro MicroSystems' focus moving forward?
The company aims to innovate and maintain its leadership in sectors like electrification and clean energy to create more value for stockholders.
Who is advising Allegro during this process?
PJT Partners and Davis Polk & Wardwell LLP are serving as financial and legal advisors respectively.
How can I contact Allegro MicroSystems for more information?
Interested parties can reach out to Jalene Hoover through the email provided or by phone for inquiries.
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