Allegro MicroSystems shares sink as Onsemi shelves $6.9 billion deal

U.S chipmaker Onsemi said on Monday it was withdrawing its $6.9 billion offer for Allegro MicroSystems, a month after the semiconductor solutions provider rebuffed the latest offer from its larger rival.

Onsemi’s shares rose 2% in extended trading, while Allegro stock fell more than 10%.

Allegro had rejected Onsemi’s $35.10 per share offer in March.