April 21, 2025 /SemiMedia/ — onsemi said it has withdrawn its all-cash proposal to acquire Allegro MicroSystems for $35.10 per share, citing a lack of engagement from Allegro’s board. The semiconductor maker confirmed it has terminated discussions and will refocus on its existing capital allocation strategies and growth initiatives.

The proposed acquisition aimed to combine two complementary semiconductor portfolios, particularly in automotive and industrial markets. However, onsemi stated that without meaningful dialogue, the deal could not proceed.

“While we continue to believe the combination would have created substantial value for both companies, we have decided to step back given Allegro’s unwillingness to fully explore the opportunity,” said onsemi CEO Hassane El-Khoury. “We remain committed to disciplined capital allocation and long-term value creation.”