India, April 15 -- Shares of Allegro MicroSystems, Inc. (ALGM) slipped over 10% on Tuesday morning after after chipmaker onsemi (ON) withdrawn its all-cash proposal to acquire Allegro for $35.10 per share.
ALGM is currently trading at $19.68, down $2.33 or 10.59%, on the Nasdaq. The stock opened its trading at $20.25 after closing Monday at $22.01. The stock has traded between $18.34 and $33.26 in the past 52-week period.
Onsemi or ON Semiconductor, last month sweetened its offer to $35.10 per share, valuing Allegro at roughly $6.9 billion. Allegro rejected the offer, calling it "inadequate."
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Onsemi said it continues to believe that a combination of the...