onsemi Lowers Synaptics Acquisition Price Following Rival Bid
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The revised $5.7 billion deal prioritizes immediate EPS accretion over the previous $7 billion valuation.
onsemi (NASDAQ: ON) and Synaptics Incorporated (NASDAQ: SYNA) have amended their June 25, 2026, merger agreement following an unsolicited competing proposal from an unnamed third party, as Financial Post first reported.
Under the revised terms, onsemi will pay $123 per share in cash to acquire Synaptics. The aggregate value of the deal is now approximately $5.7 billion, a significant decrease from the approximately $7 billion valuation established in the prior agreement.
According to Financial Post, the revised structure is intended to provide value certainty for Synaptics shareholders while delivering higher value to onsemi shareholders via lower total cost consideration. Hassane El-Khoury, President and CEO of onsemi, stated that the company now expects the transaction to be immediately accretive to non-GAAP earnings per share (EPS) upon closing.
El-Khoury noted that the company has identified further opportunities to create value beyond the $200 million in annual run-rate synergies previously announced. These additional benefits, stemming from revenue synergies and the insourcing of some Synaptics production, are expected to materialize after the first 18 months following the close of the deal.
El-Khoury added that Synaptics complements onsemi's AI data center business and contributes profitable sensing and human-machine interface products. The Synaptics Board unanimously determined that the amended transaction remains in the best interests of the company and its shareholders.