onsemi Proposes to Acquire Allegro MicroSystems for $35.10 Per Share in Cash

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(Allegro) for $35.10 per share in cash. The all-cash proposal represents a 57% premium to Allegro's unaffected closing share price on February 28, 2025. onsemi has made multiple attempts to engage Allegro in discussions regarding a potential transaction, starting with an initial $34.50 per share proposal on September 2, 2024. The decision to make the proposal public comes after no agreement was reached through private discussions. onsemi believes the combination will create a diversified leader in automotive, industrial, and AI data center applications. The press release is attached as Exhibit 99.1.

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About On Semiconductor Corporation

On Semiconductor Corporation, commonly known as onsemi, is a leading semiconductor supplier focused on complete intelligent sensing and energy-efficient solutions. The company provides innovative and reliable products that improve energy efficiency and enable the latest green technologies. onsemi's portfolio includes power management, analog, sensors, connectivity, custom, and system-on-chip (SoC) solutions. It serves a variety of markets, such as automotive, industrial, communications, and consumer electronics. The primary function of onsemi is to enhance the performance and efficiency of electronic products used in everyday life and in critical applications ranging from smart grids to advanced driver-assistance systems (ADAS). With a strong emphasis on research and development, onsemi is dedicated to driving advancements in technology that facilitate cleaner energy consumption and smarter electronic systems. Within the financial markets, onsemi plays a significant role given its strategic position in key growth sectors like electric vehicles and smart infrastructure. By leveraging cutting-edge technologies, the corporation continually contributes to the advancement of semiconductor technologies, reinforcing its relevance as a pivotal entity in the evolving landscape of global electronics and electrification initiatives.