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.

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