 |
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.
Hut 8, energy infrastructure platform, has named NextEra Energy's Mark Eidelman head of IR and SVP of strategic finance.
Teneo handles easyJet as Minneapolis investment firm Castlelake mulls a possible takeover of the British budget airline.
Brunswick Group represents Universal Music Group as it rejects the unsolicited $65B takeover offer by billionaire Ed Ackman's Pershing Square Capital Management because it “fundamentally and materially undervalues” the world’s largest music company.
Prosek Partners brings on Danielle O’Brien as a managing director in its investor relations practice, based in the firm’s New York office.
Houston’s Dancie Perugini Ware PR represents Fertitta Entertainment as it takes Caesars Entertainment private in a $17.6B cash deal. 
