Synaptics Shares Rise After onsemi Revises Acquisition to $123 Cash

October 2 trading

Synaptics closed October 2, 2026, at $121.10, up $14.95, or 14.08%, from its October 1 close of $106.15. Trading volume reached 7,652,584 shares, according to historical price data. The move followed the companies’ October 1 announcement that onsemi would pay $123 in cash for each eligible Synaptics share under an amended acquisition agreement.

The October 2 close was $1.90, or approximately 1.54%, below the cash offer. The timing of the announcement and the closing price’s proximity to $123 support a deal-related explanation for the rise. They do not establish that the amendment caused the entire move. The remaining gap does not identify a single concern or quantify the probability that the merger will close.

The amendment gives eligible Synaptics shareholders a fixed contractual cash amount if the merger is completed. Their payment under the earlier agreement would have depended on onsemi’s share price. That change makes the revised agreement directly relevant to the October 2 share price.

How the acquisition terms changed

On June 25, onsemi agreed to exchange 1.350 of its shares for each Synaptics share. The companies described that transaction as having an approximately $7 billion enterprise value when announced. The original exchange ratio fixed the number of onsemi shares to be delivered; it did not fix a dollar payment to Synaptics shareholders.

Onsemi closed October 1 at $80.08, putting the former 1.350-share consideration at approximately $108.11 per Synaptics share at that closing price. The revised $123 cash payment was approximately $14.89 higher on the same-date comparison. That calculation illustrates the value of the changed terms immediately before Synaptics’ October 2 session. It does not establish what the stock offer was worth when the companies announced it in June.

Onsemi, Synaptics and onsemi subsidiary Sonic Acquisition Corp. signed the amendment on October 1. The companies described the revised transaction as worth approximately $5.7 billion. Comparing that figure directly with the June estimate would obscure the original consideration’s exposure to changes in onsemi’s share price. The October amendment set a cash price for eligible Synaptics shares; the June agreement set an exchange ratio.

The amendment followed an unsolicited, nonbinding proposal that an unidentified strategic bidder, called Party A, made on September 2. Synaptics disclosed that its board judged a revised version of that proposal superior to the earlier onsemi agreement. After negotiations produced onsemi’s amended terms, the board judged Party A’s proposal no longer superior. Those are the board’s disclosed assessments. The cited disclosures do not establish Party A’s identity, a specific rival price or whether it will make another proposal.

Conditions and next steps

For onsemi, the cash terms create a financing obligation in place of the planned share issuance. Onsemi identified committed financing that includes an up-to-$2.45 billion senior secured term loan commitment from Morgan Stanley Senior Funding. Its October 1 filing says receipt of financing is not a condition to onsemi’s obligation to complete the merger. That provision does not resolve the other conditions to closing.

The companies said the U.S. Federal Trade Commission had approved the transaction, while reviews in other jurisdictions remained pending. They continued to expect a closing by mid-2027. That timetable depends on the remaining approvals and other closing conditions. The October 2 trading price reflects a cash offer for a transaction that had not yet closed.

Synaptics shareholders also have a vote ahead. Onsemi’s filing says Synaptics will file a preliminary proxy statement within 10 days of the October 1 amendment, with a meeting to follow the SEC review process. The filing gives no fixed vote date. The preliminary and definitive proxy statements will provide the next formal disclosures for shareholders assessing the amended transaction.

Onsemi expects the revised transaction to add to non-GAAP earnings per share immediately, compared with its earlier expectation of accretion within 18 months under the stock terms. That is a management forecast contingent on closing and subsequent performance. It does not establish that the projected earnings benefit or additional synergies will occur.

MacroShed Markets is informational analysis, not investment advice.