11:59 AM EST, 03/03/2025 (MT Newswires) -- (Updates with Allegro MicroSystems' ( ALGM ) recent stock movement in the headline and first paragraph.)

Allegro MicroSystems ( ALGM ) shares were up more than 21% in recent Monday trading following a weekend media report of the company's potential deal with ON Semiconductor (ON).

ON Semiconductor is working on a potential acquisition of Allegro, Bloomberg reported Sunday, citing people familiar with the matter.

ON Semiconductor has recently been working with advisers to pursue Allegro, the sources reportedly said, adding that other buyers could also possibly emerge. Allegro, however, has not made clear yet if it is open to a potential sale.

The two companies did not immediately respond to MT Newswires' request for comment on the matter.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 27.05, Change: +4.75, Percent Change: +21.30