Onsemi and Synaptics amended their June 25 merger agreement on Thursday, lowering the price to $123 a share in cash, or about $5.7 billion.
Why it matters: A buyer trimming its price after a competing bid shows up is unusual, and onsemi says the cheaper all cash structure makes the deal immediately accretive to earnings per share.
Between the lines: The amendment followed an unsolicited competing proposal from a third party, and the Synaptics board unanimously backed the revised onsemi terms anyway.
- “By transitioning to an all-cash structure, we are providing value certainty at a meaningful premium as compared to current value,” Synaptics CEO Rahul Patel said.
Zoom in: Onsemi CEO Hassane El-Khoury said Synaptics complements its AI data centre business and flagged gains beyond the $200 million of annual run-rate synergies already announced.
What's next: Closing is still expected by mid-2027, subject to a Synaptics shareholder vote and regulatory clearances. The Federal Trade Commission has already approved the transaction.
