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U.S. chipmaker Onsemi scrapped its $6.9 billion provide for smaller rival Allegro MicroSystems on Monday, ending a months-long pursuit that sought to capitalize on a market downturn to spice up its footprint within the automotive business.
Allegro had stated in March {that a} sweetened $35.10 per share provide from Onsemi was “insufficient,” only a few months after the smaller chip agency turned down a $34.50 a share proposal.
“Now we have determined to withdraw our acquisition proposal given the reluctance of Allegro’s Board of Administrators to totally interact and discover our proposal,” Onsemi CEO Hassane El-Khoury stated.
Allegro didn’t instantly reply to a request for remark.
