Latest news with #VineetNargolwala
Yahoo
03-03-2025
- Automotive
- Yahoo
Allegro Said to Draw Takeover Interest From ON Semiconductor
(Bloomberg) -- Allegro Microsystems Inc. is drawing takeover interest from larger competitor ON Semiconductor Corp., according to people familiar with the matter. Cuts to Section 8 Housing Assistance Loom Amid HUD Uncertainty Remembering the Landscape Architect Who Embraced the City NYC Office Buildings See Resurgence as Investors Pile Into Bonds Hong Kong Joins Global Stadium Race With New $4 Billion Sports Park NJ Transit to Deploy Customer-Service Teams After Record Delays Phoenix-based ON Semi has been working with advisers in recent months to pursue Allegro, the people said, asking not to be identified because the matter is private. It's possible other suitors could emerge for Allegro and the company hasn't indicated whether it would be open to a potential sale, they added. Semiconductor companies interested in bulking up their automotive capabilities could look at buying Allegro, the people said. A representative for ON Semi declined to comment. A representative for Allegro didn't immediately respond to a request for comment. Allegro shares jumped as much as 12% in premarket trading in New York on Monday. The stock was up 2% this year through the end of February, giving the Manchester, New Hampshire-based company a market value of about $4.1 billion. ON Semi has fallen 25% in that time and is valued at $19.8 billion. Last week, Allegro announced it was replacing its chief executive officer of almost three years, Vineet Nargolwala, with longtime executive Mike Doogue. Allegro's biggest shareholder is Japan's Sanken Electric Co., with a stake of about 32%, according to data compiled by Bloomberg. Allegro develops advanced semiconductors, describing itself as a leader in power and sensing solutions for motion control and energy-efficient systems. The products are used in car engines and safety systems, as well as data centers and factories. On Semi also develops power and sensing technologies used in automotive, industrial and cloud-computing sectors. Analysts have warned that automotive chipmakers could face sales pressure as the electric-vehicle market in the US slows under Donald Trump's administration. --With assistance from Ian King. (Updates Allegro's share move in fourth paragraph.) Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? Trump's SALT Tax Promise Hinges on an Obscure Loophole Walmart Wants to Be Something for Everyone in a Divided America Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience OXO Fought Back Against the Black Spatula Panic. People Defected Anyway ©2025 Bloomberg L.P.
Yahoo
02-03-2025
- Automotive
- Yahoo
Allegro drawing takeover interest from ON Semiconductor, Bloomberg News reports
(Reuters) - Sensor integrated circuits provider Allegro Microsystems is drawing takeover interest from larger competitor ON Semiconductor, Bloomberg News reported on Sunday citing people familiar with the matter. Onsemi has been working with advisers in recent months to pursue Allegro, the Bloomberg report said, adding that its possible other suitors could emerge for Allegro and the company hasn't indicated whether it would be open to a potential sale. Semiconductor companies interested in bulking up their automotive capabilities could look at buying Allegro, the Bloomberg report further said. Allegro has a market valuation of $4.11 billion while Onsemi is valued at $19.83 billion, according to LSEG data. Manchester, New Hampshire-based Allegro on Monday appointed Mike Doogue as its president and CEO, succeeding Vineet Nargolwala. Onsemi on Tuesday said it had initiated a restructuring plan aimed at reducing operational costs, resulting in the layoff of about 2,400 of its employees across all business divisions worldwide in 2025. In February, the Phoenix, Arizona-based Onsemi forecast first-quarter revenue below Wall Street expectations, hit by softening demand for its automotive chips. Sign in to access your portfolio
Reuters
02-03-2025
- Automotive
- Reuters
Allegro drawing takeover interest from ON Semiconductor, Bloomberg News reports
March 2 (Reuters) - Sensor integrated circuits provider Allegro Microsystems (ALGM.O), opens new tab is drawing takeover interest from larger competitor ON Semiconductor (ON.O), opens new tab, Bloomberg News reported on Sunday citing people familiar with the matter. Onsemi has been working with advisers in recent months to pursue Allegro, the Bloomberg report said, adding that its possible other suitors could emerge for Allegro and the company hasn't indicated whether it would be open to a potential sale. Semiconductor companies interested in bulking up their automotive capabilities could look at buying Allegro, the Bloomberg report further said. Allegro has a market valuation of $4.11 billion while Onsemi is valued at $19.83 billion, according to LSEG data. Manchester, New Hampshire-based Allegro on Monday appointed Mike Doogue as its president and CEO, succeeding Vineet Nargolwala. Onsemi on Tuesday said it had initiated a restructuring plan aimed at reducing operational costs, resulting in the layoff of about 2,400 of its employees across all business divisions worldwide in 2025. In February, the Phoenix, Arizona-based Onsemi forecast first-quarter revenue below Wall Street expectations, hit by softening demand for its automotive chips.
