10 Firms Mirror Wall Street Bloodbath

4. Allegro MicroSystems Inc. (NASDAQ:ALGM)

Allegro MicroSystems fell for a fifth straight day on Monday, shedding 8.47 percent to finish at $16.53 apiece following ON Semiconductor Corp.’s (NASDAQ:ON) withdrawal of its plan to acquire the company.

In a statement last week, ON said that it officially terminated its efforts to acquire ALGM and withdrew its all-cash acquisition proposal of $35.10 per share, saying that it determined there was “no [more] actionable path forward.”

For its part, ALGM said that the company, alongside its independent financial and legal advisors, carefully reviewed and considered ON’s proposals and determined “each was inadequate.”

ALGM added that it continued to pursue negotiations with ON after it axed its proposal, but was rejected by the latter.

In other news, ALGM is set to release the results of its fourth quarter and fiscal year 2025 earnings performance on Thursday, May 8. Investors are expected to closely watch out for its near-term outlook as well as the next steps for the business following ON’s withdrawal.