Onsemi has revised its proposed acquisition of Synaptics to an all-cash offer worth about $5.7bn, down from an earlier all-stock deal valued at roughly $7bn. The change follows a rival bid for Synaptics, putting a consequential semiconductor deal back in play.
Watch Desk analysis
What happened
The Wall Street Journal reports that Onsemi is offering $123 a share for Synaptics. Its account says the earlier proposal, announced in June, was an all-stock deal valued at about $7bn; the revised offer is all cash and worth around $5.7bn.
The reported change follows another bid received by Synaptics. The available account does not give details of that competing offer or say whether Synaptics has accepted Onsemi’s revised terms.
Why it matters
This is a major proposed combination in the semiconductor industry, with a lower headline valuation and a different form of payment than the June proposal. The competing bid means the outcome is not simply a matter of waiting for the original deal to close.
For readers following computing hardware, the immediate story is the contest for Synaptics and whether Onsemi’s revised terms can win it. The report does not establish what the acquisition would mean for products or operations, so those consequences remain open questions rather than promised synergies.
Our read
A $1bn-plus change in headline value, a switch from shares to cash, and a rival bidder make this more than routine deal paperwork. But the next useful signal is Synaptics’ response, not speculation about what the combined business might become.
What to watch
- Whether Synaptics responds to or accepts Onsemi’s revised offer.
- The terms and identity of the competing bid.
- Any further changes to the price, deal structure or timetable.
Discussion spark: Should Synaptics favour Onsemi’s lower all-cash offer, or hold out for a competing bid that could offer more?
Sources and evidence
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