The all-cash structure removes execution risk from stock-price volatility and provides a clear floor for SYNA shares. Watch for the shareholder vote timeline and any further regulatory hurdles in non-U.S. jurisdictions, as well as potential competing bids that could emerge before closing.
Price Chart
Executive Summary
Synaptics (SYNA) and ON Semiconductor (onsemi) have amended their merger agreement, changing the consideration from stock to $123.00 per share in cash, for an aggregate value of approximately $5.7 billion. The amendment follows an unsolicited competing proposal from a third party, which the Synaptics Board evaluated and determined no longer constituted a superior proposal after onsemi revised its offer. The transaction is expected to close by mid-2027, subject to shareholder and regulatory approvals, with HSR clearance already obtained.
Key Financial Metrics
Key Facts
- Synaptics shareholders will receive $123.00 per share in cash, up from the prior all-stock deal.
- Aggregate transaction value is approximately $5.7 billion.
- The amended agreement follows an unsolicited competing proposal received on September 2, 2026.
- The transaction is expected to be immediately accretive to onsemi's non-GAAP EPS upon closing.
- onsemi has identified incremental revenue synergies and insourcing opportunities beyond the previously announced $200 million in annual run-rate synergies.
- The transaction has already received U.S. FTC approval under the HSR Act.
- Closing expected by mid-2027, subject to Synaptics shareholder vote and other regulatory approvals.
- The merger agreement does not include a financing condition; onsemi has fully committed debt financing from Morgan Stanley.
Financial Impact
Synaptics shareholders to receive $123.00 per share in cash, aggregate value ~$5.7 billion. onsemi expects immediate non-GAAP EPS accretion and additional revenue synergies beyond $200M annual run-rate.
Risk Factors
- Shareholder vote may not be obtained; Synaptics shareholders must approve the merger.
- Regulatory approvals in non-U.S. jurisdictions are still pending and could delay or block closing.
- Integration risks and the ability to realize projected synergies remain uncertain.
- Litigation from shareholders challenging the transaction could arise.
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-038301 |
| Document: ef20083029_8k.htm | 0001140361-26-038301 |
| Document: ef20083029_ex99-2.htm | 0001140361-26-038301 |
| Document: ef20083029_ex99-1.htm | 0001140361-26-038301 |
| Document: 0001140361-26-038301-index-headers.html | 0001140361-26-038301 |
| Document: 0001140361-26-038301-index.html | 0001140361-26-038301 |
| Document: 0001140361-26-038301.txt | 0001140361-26-038301 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | DEFA14A | $117.05 $117.35 | ▲ +0.26% | ▲ +0.40% | $117.35 (+0.26%) |
Oct 19, 2026 7d ago | DEFM14A | $117.05 $117.35 | ▲ +0.26% | ▲ +0.40% | $117.35 (+0.26%) |
Oct 15, 2026 11d ago | 8-K | $117.18 $117.26 | ▲ +0.07% | ▼ −0.02% | $117.35 (+0.15%) |
Oct 8, 2026 18d ago | PREM14A | $119.82 $117.18 | ▼ −2.20% | ▼ −0.24% | $117.35 (−2.06%) |
Oct 2, 2026 24d ago | DEFA14A | $121.10 $119.82 | ▼ −1.06% | ▼ −2.22% | $117.35 (−3.10%) |
Oct 1, 2026 25d ago | DEFA14A | $121.10 $119.82 | ▼ −1.06% | ▼ −2.22% | $117.35 (−3.10%) |
Oct 1, 2026 25d ago | 8-K | $121.10 $119.82 | ▼ −1.06% | ▼ −2.22% | $117.35 (−3.10%) |
Sep 28, 2026 28d ago | Insider Cluster | $100.36 $119.73 | ▲ +19.30% | ▲ +18.10% | $117.35 (+16.93%) |
Sep 21, 2026 5w ago | Insider Cluster | $97.64 $100.79 | ▲ +3.23% | ▲ +4.41% | $117.35 (+20.19%) |
Sep 15, 2026 5w ago | DEFA14A | $89.24 $98.10 | ▲ +9.93% | ▲ +7.36% | $117.35 (+31.50%) |
US Market Status
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