Allegro (ALGM) confirmed that it received an unsolicited proposal from On Semiconductor (ON) to acquire Allegro for $35.10 per share in cash on February 12. The Allegro board of directors reviewed the proposal, in consultation with its independent financial and legal advisors, and determined that the proposal was inadequate. Allegro does not intend to comment further on this matter unless it determines it necessary to do so.
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