Deals
ON Semiconductor Withdraws $6.9 Billion Bid to Buy Allegro
The ON Semiconductor manufacturing facility in Roznov pod Radhostem, Czech Republic.
Photographer: Michaela Nagyidaiova/BloombergThis article is for subscribers only.
ON Semiconductor Corp. scrapped efforts to acquire Allegro MicroSystems Inc., withdrawing a bid of $35.10 a share.
ON Semiconductor, which does business as Onsemi, determined that there was “no actionable path forward” toward a deal, according to a statement on Monday. Allegro slid more than 6% to $20.58 in late trading in the wake of the announcement.