ON Semiconductor announced on April 14, 2025, that it has terminated its efforts to acquire Allegro MicroSystems, Inc. The company formally withdrew its all-cash proposal to acquire Allegro for $35.10 per share.
ON Semiconductor stated that it determined there was 'no actionable path forward' for the acquisition. This decision came after Allegro MicroSystems had previously rebuffed ON Semiconductor's latest offer.
While ON Semiconductor continues to believe a combination would have brought complementary businesses together, the withdrawal ends the uncertainty surrounding the potential $6.9 billion deal. This move allows ON Semiconductor to re-evaluate its capital allocation for other strategic initiatives.
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