Cirrus Logic's Unsolicited Offer for Synaptics, onsemi Revises Deal to All Cash

2026-10-12

In October 2026, according to Bloomberg, Cirrus Logic made an unsolicited acquisition offer for Synaptics last month, consisting of a mix of cash and stock. The offer directly disrupted the previously agreed merger between onsemi and Synaptics. In response to the third-party competition, onsemi announced on October 1 that it had amended the merger agreement, changing the original all-stock structure to an all-cash payment and adjusting its offer to $123 per share. The total deal value was lowered from about $7 billion to about $5.7 billion.

onsemi's Response

onsemi originally signed the merger agreement with Synaptics on June 25, 2026, under which each Synaptics share would be exchanged for 1.35 shares of onsemi stock, valuing the deal at about $7 billion at the time. However, under an all-stock structure, the actual value Synaptics shareholders would ultimately receive would fluctuate with onsemi's share price. As onsemi's stock declined, the per-share consideration under the original proposal fell to about $114.60, below the revised $123 cash offer. After moving to an all-cash structure, onsemi said the transaction is expected to be immediately accretive to its non-GAAP earnings per share, and that it has obtained fully committed debt financing from Morgan Stanley.

About Synaptics

Cirrus Logic's Unsolicited Offer for Synaptics

Synaptics began with capacitive touch sensing technology and has since expanded into areas including touch, display, biometrics, AI-driven wireless connectivity, video, vision, audio, and voice processing. Its customers include major global device manufacturers, appliance makers, automotive companies, and mobile, PC, and IoT OEMs. Against the backdrop of rapidly spreading AI edge computing, Synaptics' human-machine interface and sensing product lines provide predictable cash flow and complement onsemi's AI data center business.

Synaptics' board carefully evaluated Cirrus Logic's offer and negotiated with the company, but ultimately determined that onsemi's revised all-cash offer best serves shareholder interests. The transaction still requires approval from Synaptics shareholders and review by regulators in various countries. The U.S. Federal Trade Commission has completed its review, while reviews in other jurisdictions are still ongoing. The deal is expected to close in mid-2027.

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