(Reuters) – 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 4% in extended trading, while Allegro fell 7%.
Allegro had rejected Onsemi’s $35.10 per share offer in March.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Devika Syamnath)
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