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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.
Prosek Partners handles New York’s Tilray Brands, craft beer & cannabis operation, as it acquires BrewDog, a leading British independent beer producer in the UK, for $45M.
Brunswick Group handles Zurich Insurance as it agrees to buy UK-based Beazley specialty insurer in a deal valued at $11B.
FGS Global represents Brink’s as it agrees to acquire NCR Atleos, which relies on Collected Strategies, in a $6.6B cash & stock deal to create a leading fintech infrastructure company. (Updated)
A January article in O’Dwyer’s proposes that in 2026, the strongest financial brands will not simply tell compelling stories—they will “signal readiness.”
C Street Advisory Group is working the Chapter 11 filing of Axip Energy Services as it unloads its nearly all of its assets to deal with a heavy debt load.
