425 ·Filed Jun 26, 2026

ON

ON SEMICONDUCTOR CORP
NEUTRAL
Impact 3/10
Horizonmonths Processed3mo ago SEC0001140361-26-026579
Rule 425 M&A communications
Actionable Insight • Neutral

Monitor for the filing of the S-4 registration statement and proxy statement, which will contain detailed financial projections and risk factors. Watch for any shareholder opposition or regulatory hurdles that could delay or alter deal terms. The deal is progressing as expected with no new material developments.

DirectionNeutral
Confidencehigh
Horizonmonths
Final — all horizons settled through T+60d ⚠ clustered
ON ▼ -16.90% at T+60d
NEUTRAL call ✗ call lost -16.90% · α vs SPY -21.29% · entry $88.57 → $73.60
Entry anchored
Jun 26, 04:16 PM ET
via exchange tick
T+1d
+6.74%
call +6.74% · α +5.96%
$94.54
settled 3mo ago
T+5d
+6.91%
call +6.91% · α +5.52%
$94.69
settled 3mo ago
T+20d
-1.99%
call -1.99% · α -1.71%
$86.81
settled 2mo ago
T+60d
-16.90%
call -16.90% · α -21.29%
$73.60
settled 10d ago

Price Chart

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Executive Summary

Onsemi filed an internal employee communication (email from CEO and FAQ) reiterating the strategic rationale for its pending all-stock acquisition of Synaptics for ~$7B enterprise value. No new deal terms, financial updates, or regulatory developments were disclosed; the filing is a routine deal-related communication as the transaction advances toward a mid-2027 close.

Key Financial Metrics

Deal Value
$7.0B
Deal Type
acquisition

Key Facts

  • All-stock acquisition of Synaptics valued at ~$7B enterprise value
  • Synaptics stockholders to receive 1.350 shares of onsemi common stock per share
  • Expected close in mid-2027, subject to Synaptics stockholder and regulatory approvals
  • Transaction expected to be accretive to non-GAAP EPS within 18 months of closing
  • Synaptics brings 1,000+ engineers and Edge AI compute, HMI, and wireless connectivity capabilities
  • CEO Hassane El-Khoury and existing onsemi leadership team to remain in place
  • One Synaptics board member expected to join onsemi's board

Financial Impact

All-stock acquisition valued at ~$7B enterprise value, expected to be accretive to non-GAAP EPS within 18 months of closing.

eps

Risk Factors

  • Regulatory approval risk (antitrust and foreign investment reviews)
  • Synaptics stockholder approval required
  • Integration challenges and potential delays to expected synergies
  • Execution risk in combining cultures and product roadmaps

Market Snapshot

Exchange
Nasdaq
Sector
Semiconductors & Related Devices
Analyst Consensus
51% bullish (43 analysts)

Investment Themes

Semiconductors

Documents Analyzed

This report is based on 4 SEC documents filed with EDGAR.

DocumentAccession Number
425 Filing (Primary)0001140361-26-026579
Document: 0001140361-26-026579-index-headers.html0001140361-26-026579
Document: 0001140361-26-026579-index.html0001140361-26-026579
Document: 0001140361-26-026579.txt0001140361-26-026579
23 reports for ON
Performance horizon
100% Hit rate 8 of 8 directional calls best @ T+20▲ +29.60%Apr 27, 2026
Filters
Rows
Reports for ON — sortable, filterable
TypeNow
Aug 21, 2026
6w ago
S-4
NEUTRAL ★ 6/10
$74.21 $71.72▼ −3.36%▼ −4.37%$83.81 (+12.94%)
Aug 13, 2026
7w ago
425
BULLISH ★ 5/10
$81.56 $76.14▼ −6.65%▼ −4.90%$83.81 (+2.76%)
Aug 13, 2026
7w ago
8-K
BULLISH ★ 5/10
$81.56 $76.14▼ −6.65%▼ −4.90%$83.81 (+2.76%)
Aug 3, 2026
8w ago
8-K
BULLISH ★ 7/10
$80.78 $72.65▼ −10.06%▼ −8.83%$83.81 (+3.75%)
Aug 3, 2026
8w ago
Press Release
BULLISH ★ 6/10
$80.78 $72.65▼ −10.06%▼ −8.83%$83.81 (+3.75%)
Jun 30, 2026
13w ago
425
NEUTRAL ★ 4/10
$94.54 $89.04▼ −5.82%▼ −4.79%$83.81 (−11.35%)
Jun 26, 2026
13w ago
425
NEUTRAL ★ 3/10
$88.57 $86.81▼ −1.99%▼ −1.71%$83.81 (−5.37%)
Jun 26, 2026
13w ago
425
NEUTRAL ★ 3/10
$88.57 $86.81▼ −1.99%▼ −1.71%$83.81 (−5.37%)
Jun 26, 2026
13w ago
425
NEUTRAL ★ 4/10
$88.57 $86.81▼ −1.99%▼ −1.71%$83.81 (−5.37%)
Jun 26, 2026
13w ago
425
NEUTRAL ★ 3/10
$88.57 $86.81▼ −1.99%▼ −1.71%$83.81 (−5.37%)
Showing 10 of 23

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