Allegro Shares Insights on onsemi's Acquisition Proposal
Allegro Confirms Receipt of Acquisition Proposal
Allegro MicroSystems, Inc. (NASDAQ: ALGM) has confirmed the receipt of a proposal from onsemi aiming to acquire the company for $35.10 per share in cash. This unsolicited offer surfaced recently and has already garnered the attention of the Allegro Board of Directors.
Board's Assessment of the Proposal
Upon receiving the proposal, Allegro's Board undertook a thorough review process, enlisting the expertise of independent financial and legal advisors to evaluate the offer's adequacy. After careful consideration, the Board concluded that the proposal did not meet the company's expectations and was deemed inadequate.
Future Communications
In light of the current circumstances, Allegro has indicated that it will refrain from making additional comments regarding the proposal unless deemed necessary. This approach underscores the company's commitment to transparency while also ensuring that its strategic responses are well-considered.
Roles of Advisors
To navigate this pivotal moment, Allegro has engaged PJT Partners as their financial advisor and Davis Polk & Wardwell LLP for legal counsel. These advisors play a crucial role in guiding the company through potential negotiations and ensuring that any decisions made align with the best interests of Allegro stakeholders.
About Allegro MicroSystems
Allegro MicroSystems proudly boasts over thirty years of expertise in the design of magnetic sensing solutions and power integrated circuits (ICs). The company is dedicated to advancing sectors such as automotive, clean energy, and industrial automation. Their innovative products are engineered to enhance efficiency, performance, and sustainability, reflecting Allegro's unwavering commitment to quality and industry leadership in "automotive-grade" technology.
CEO's Perspectives
The current landscape of acquisitions in the technology sector is dynamic, with companies seeking strategic partnerships and expansions. Allegro's Board remains vigilant as opportunities develop and is focused on enhancing shareholder value while driving technological advancements.
Contact Information
Allegro encourages inquiries from interested parties regarding the proposal and its future. For further details, individuals can reach out to:
Allegro Contact:
Jalene Hoover
VP of Investor Relations & Corporate Communications
Phone: +1 512 751 6526
Email: jhoover@allegromicro.com
For media inquiries, reach out to Matt Sherman or Aaron Palash at Joele Frank, Wilkinson Brimmer Katcher at +1 (212) 355-4449.
Frequently Asked Questions
What is the acquisition proposal from onsemi about?
The proposal involves onsemi offering $35.10 per share to acquire Allegro MicroSystems.
How did Allegro's Board respond to the proposal?
The Board reviewed the offer with independent advisors and concluded the proposal was inadequate.
Will Allegro make additional comments on the proposal?
Allegro has stated it will not comment further unless deemed necessary.
Who are Allegro's advisors in this matter?
PJT Partners is the financial advisor, while legal guidance is provided by Davis Polk & Wardwell LLP.
What industry does Allegro operate in?
Allegro is a leader in the design and manufacture of magnetic sensors and power ICs, focusing on automotive and clean energy applications.
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