onsemi to Acquire Synaptics at $123 Per Share in Cash, Revising Original All-Stock Proposal
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Onsemi switched its Synaptics bid from all-stock to $123 per share in cash; Synaptics jumped 13% after hours — cash beats equity risk, and the market voted instantly.
What actually changed in this deal?
The original proposal was an all-stock acquisition: Synaptics shareholders would receive Onsemi shares, whose value would fluctuate with the stock price.
The revised deal is all-cash at $123 per share — shareholders get a fixed dollar amount, no exposure to Onsemi's stock moves.
This means → for Synaptics holders, the exit price went from "floating" to "locked in," a significant jump in certainty.
Why the sudden revision?
Onsemi disclosed that the change was triggered by an unsolicited competing bid — a third party tried to step in.
In plain terms = someone offered a better price or better terms, forcing Onsemi to sweeten its own deal by replacing stock with cash.
The competing bidder has not been named, but the move itself signals the market sees Synaptics' assets as worth fighting over.
How is the market reading this?
Synaptics shares rose 13% after hours, a clear thumbs-up for the cash premium.
This reflects a broad investor preference for cash offers: take the money and walk, no need to bet on the acquirer's stock performance.
Two things to watch next: whether the rival bidder raises its offer, and the timeline for regulatory approval.
市场有风险，内容仅供研究参考，不构成投资建议。