ON Semiconductor cancels planned acquisition of Allegro MicroSystems

Onsemi, an American chipmaker, has canceled its plan to acquire smaller rival Allegro MicroSystems for $6.9 billion, ending a months-long bidding war. Onsemi had hoped to take advantage of the market downturn to expand its influence in the automotive industry. In March, Allegro said Onsemi's $35.10 per share acquisition offer was "not enough." Onsemi CEO Hassane El-Khoury said they decided to withdraw the acquisition offer because Allegro's board was unwilling to fully engage and explore their proposal.