India, March 6 -- ON Semiconductor Corp. or onsemi (ON) announced late Wednesday its revised proposal to acquire Allegro MicroSystems, Inc. (ALGM) to acquire the company for $35.10 per share in cash, at an implied enterprise value of $6.9 billion.
Under the terms of the Proposal, onsemi's all-cash $35.10 per share offer represents a 57% premium to Allegro's closing share price on February 28, 2025, the last trading day prior to media reports regarding onsemi's interest in acquiring Allegro.
The company urged the Allegro Board and management team to engage in good faith discussions with onsemi regarding the proposed transaction.
The latest offer represents an increase over an initial $34.50 per share proposal submitted on September 2, 202...