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(Bloomberg) — On Semiconductor Corp. has enlisted Morgan Stanley for advice as it pursues Allegro Microsystems Inc., people familiar with the matter said.

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Onsemi, as the Phoenix-based company is known, has added the Wall Street bank alongside UBS Group AG as it weighs an acquisition of the advanced chipmaker, according to the people, who asked not to be identified discussing confidential information. 

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UBS disclosed its involvement on its equity research platform. Representatives for Onsemi, Morgan Stanley and UBS declined to comment. 

Onsemi made its pursuit of Allegro public earlier this month, disclosing an unsolicited bid that valued the Manchester, New Hampshire-based company at $6.9 billion, including debt. Onsemi’s $35.10 per share offer, which was raised from a September proposal of $34.50, was deemed “inadequate” by Allegro’s board.

Shares in Allegro, whose biggest shareholder is Japan’s Sanken Electric Co. with a stake of about 32%, jumped as much as 22% on the news of Onsemi’s interest earlier in March. Allegro has a market value of around $4.5 billion, while Onsemi is valued at roughly $17 billion.

Allegro develops advanced semiconductors, describing itself as a leader in power and sensing solutions for motion control and energy-efficient systems. The products are used in car engines and safety systems as well as data centers and factories.

Onsemi also develops power and sensing technologies used in the automotive, industrial and cloud computing sectors. Since news of Onsemi’s pursuit broke, research analysts have written that a deal makes strategic sense.

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