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Allegro's rejection signals strong market confidence and strategic positioning. Past mergers in tech often lead to share price increases for the target companies.
What happened, with direct paths to the underlying reporting
Allegro Microsystems rejected Onsemi's $35.10 per share buyout offer. Onsemi's proposal is seen as inadequate by Allegro's management. Onsemi's shares fell about 5% following Allegro's rejection. Allegro shares rose nearly 8% after the rejection announcement. Onsemi recently reported disappointing financial results amid tough conditions.
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