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Joele Frank represents Allegro Microsystems as the Manchester, NH-based chipmaker rejects a $35.10 per-share takeover from onsemi of Scottsdale, AZ.
Allegro, which confirms that it received the unsolicited offer from onsemi on Feb. 12, said its independent financial and legal advisors reviewed the proposal and determined that it was inadequate.
onsemi said it initially made a $34.50 bid on Sept. 2 and made numerous attempts to enter into a discussion with Allegro but was rebuffed.
CEO Hassane Ell-Khoury said onsemi's current offer represents a 57 percent premium to Allegro’s closing share price on Feb. 28, the day media speculation about the deal broke.
He urged Allegro’s board and management team to enter into good faith talks with his team.
onsemi, which supplies technologies to the automative and industrial automation markets, chalked up $7B in revenues during the past year and earned $1.6B.
Allegro posted $532.1M in sales for the nine-month period ended Dec. 27 and lost $58.2M.
Joele Frank, Wilkinson Brimmer Katcher’s Matt Sherman and Aaron Palash handle Allegro.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
