(Bloomberg) – Semiconductor Corp. In its endeavor to get Allegro Microsystems Inc.
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She said in a statement that the chips company, which works to work, such as ONSEMI, is offered 35.10 dollars per share for the target company, up from the September proposal of $ 34.50. Allegro replied hours later to say he reviewed the show, but he found it “insufficient”.
ONSEMI has worked with consultants in recent months to follow allegro, previously Bloomberg News said. Providing offers to the public is not a common step, but it is the integration and purchase tactics designed to put the pressure of shareholders on a possible goal. It was done before in the semiconductor industry. In 2017, Broadcom Inc. An undesirable acquisition of $ 103 billion for Qualcomm Inc. , Which were strengthened with the help of the White House.
Allegro shares closed 7 % in New York trading on Wednesday, giving Manchester, the New Hampshire company, a market value of about $ 4.9 billion. ONSEMI increased by 4.5 % to $ 46.49, compared to a market value of $ 19.6 billion.
Allegro develops semiconductors, which describes itself as a pioneer in power solutions and sensing movement and energy -saving systems. Products are used in car engines, safety systems, as well as data centers and factories. ONSIMI also develops energy and sensor technologies used in the automotive, industrial and cloud computing sectors. Since the ONSEMI chased news erupted, research analysts wrote that the deal has a strategic meaning.
The largest shareholder in Allegro is Sanken Electric Co. In Japan, where a stake reached about 32 %, according to the data collected by Bloomberg.
(Updates with Allegro’s response in the second paragraph.)
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