Synaptics jumps as onsemi revises deal to $123 per share all-cash and targets immediate EPS accretion
Revised merger terms reset the headline value to $123 per share and about $5.70 billion
Synaptics (NASDAQ:SYNA) traded higher during market hours after onsemi and Synaptics announced an amended merger agreement originally signed June 25, 2026. Under the revised terms, onsemi will acquire Synaptics for $123 per share in cash, an aggregate value of approximately $5.70 billion, compared with approximately $7 billion under the prior agreement.
The companies said the amendment follows an unsolicited competing proposal received from a third party and a thorough review of that proposal.
| Item | Updated detail (Oct. 01, 2026) |
|---|---|
| Consideration | $123 per share, all-cash |
| Implied aggregate value | ~$5.70B (vs. ~ $7.00B prior agreement) |
| Expected timing | Still expected to close by mid-2027 |
| Key conditions cited | Synaptics shareholder approval, regulatory approvals, customary closing conditions |
Deal rationale centers on immediate non-GAAP EPS accretion and synergy expansion beyond $200 million
onsemi said the revised agreement is designed to deliver higher shareholder value through lower total cost consideration and that the transaction is now expected to be immediately accretive to onsemi’s non-GAAP earnings per share upon closing.
Management also pointed to incremental value creation opportunities beyond the previously announced $200 million of annual run-rate synergies. The company said these additional benefits—described as coming from revenue synergies and insourcing a portion of Synaptics’ production—are expected to be realized after the initial 18 months post-close.
Synaptics’ board reiterated support after reviewing a competing proposal
Synaptics said its Board, after careful review with financial and legal advisors, unanimously determined that the amended onsemi transaction continues to be in the best interests of Synaptics and its shareholders.
Synaptics’ CEO Rahul Patel emphasized that the amended agreement transitions to an all-cash structure, which the company said provides value certainty.
Financing terms reduce closing uncertainty with committed debt financing and no financing condition
The companies stated the transaction will be financed through a combination of cash on hand and committed financing. onsemi has obtained fully committed debt financing from Morgan Stanley, and the amended merger agreement does not include a closing condition related to onsemi’s financing.
Regulatory path includes FTC approval, with other jurisdictions still reviewing
In the update, the companies said the transaction has been approved by the United States Federal Trade Commission, while regulators in other jurisdictions are reviewing the transaction. Closing remains subject to Synaptics shareholder approval and other customary conditions.
SYNA price action highlights traders tracking the $123 cash consideration
As of 10:25 AM during market hours, SYNA traded at $121.00.
| SYNA snapshot (10:25 AM) | Value |
|---|---|
| Stock price | $121.00 |
| Cash offer price (revised agreement) | $123.00 |
Next milestones remain shareholder vote and remaining regulatory reviews ahead of a mid-2027 target
Looking ahead, the revised agreement keeps the expected closing timeline at mid-2027, with the companies highlighting the remaining milestones: Synaptics shareholder approval, regulatory approvals outside the U.S., and other customary closing conditions.
The press release also noted that Synaptics plans to file proxy materials with the SEC in connection with submitting the transaction to stockholders for consideration.
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