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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.
Omnicom’s PR units suffered a 8.6 percent decline in Q2 revenues to $372.9M.
Former AIG global head of corporate communications Emily Garbaccio is joining PGIM, the global investment management business of Prudential Financial, as chief communications officer.
Joele Frank handles Core Scientific as the data center infrastructure company, gets acquired by CoreWeave in a stock deal valued in the $9B range.
Edelman Smithfield handles Del Monte Foods Corp. as the nearly 140-year-old company files for Chapter 11 to revamp its balance sheet and put itself on the auction block.
Prosek Partners represents Brightstar Capital as the private equity firm completes the $1.1B deal to acquire PlayAGS, supplier of slot table and interactive products to the gaming industry.
