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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.
Teneo handles Bamboo Insurance Services as the Midvale, UT-based marketer of homeowner policies files a Form S-1 statement with the SEC for an initial public offering.
FTI Consulting handles West Marine as the nation’s leading retailer of marine parts and accessories for boating, fishing and sailing enthusiasts emerges from Chapter 11 bankruptcy.
Throughline Global Advisors represents Principal Mineral as it acquires Conductive Group, manufacturer of advanced materials for the aerospace, telecommunications and electronics sectors.
Trump Media & Technology Group posted a $238M Q2 loss on $1.7M in revenues. That performance compares to a $20M loss and $883K revenues in the 2025 comparable quarter.
The Brand Amp represents Archer Aviation as it acquires Boeing’s $200M flying-taxi operation in return for a 20 percent stake in the Silicon Valley startup.
