Onsemi Raised Synaptics Acquisition Bid to $123 Per Share
The chipmaker increased its cash offer to $5.7 billion to fend off a competing proposal from Cirrus Logic.
Updated on Oct. 10, 2026 in Semiconductors
Live Poll
Do you believe competing corporate takeover bids are beneficial for company shareholders?
Onsemi revised its acquisition offer for Synaptics to $123 per share in cash during the week of October 5, 2026. Synaptics' board determined the new $5.7 billion offer is superior to an unsolicited bid submitted by Cirrus Logic in September 2026.
Why it matters
The move marks a shift from Onsemi's initial all-stock agreement signed in June 2026, as the company seeks to consolidate its position against competitive takeover interest. The consolidation highlights the ongoing valuation competition for chip firms in the current market.
The revised deal values Synaptics at approximately $5.7 billion, down from the original $7 billion valuation recorded in June 2026. Cirrus Logic currently maintains a market value of approximately $5.4 billion compared to Synaptics' $4.8 billion.
The players
Onsemi
A semiconductor supplier specializing in power and sensing technologies for automotive and industrial markets.
Synaptics
A provider of human-machine interface hardware and software, focusing on touch, display, and IoT connectivity.
Cirrus Logic
A fabless semiconductor company primarily focused on audio and mixed-signal processing chips for consumer electronics.
The details
Synaptics disclosed the details of the competing bids following an updated regulatory filing released on October 8, 2026. The board reviewed the Cirrus Logic proposal, which utilized a combination of cash and equity, but opted for the revised all-cash structure proposed by Onsemi. This strategic pivot ensures a definitive acquisition price for shareholders amidst the unsolicited interference.
Timeline
June 2026: Onsemi initially agreed to acquire Synaptics.
September 2026: Cirrus Logic submitted an unsolicited bid.
Week of October 5, 2026: Onsemi revised its offer to $123 per share.
October 8, 2026: Synaptics released an updated regulatory filing.
mid-2027: The Onsemi acquisition is expected to close.
The Tech Race
This move marks a significant departure from the original all-stock acquisition plan, reflecting an aggressive defense of the company's roadmap against external encroachment. The bidding cycle for Synaptics now serves as a high-stakes reference point for consolidation strategies among mid-cap semiconductor players.
The deal signals potential changes in the long-term support and availability of Synaptics' touch and connectivity hardware for downstream device manufacturers. Investors and enterprise customers should monitor regulatory approvals through mid-2027 as the companies integrate their respective stacks.
The takeaway
The competition for Synaptics underscores the volatility inherent in current semiconductor M&A, where cash-heavy bids have become the primary instrument for finalizing control. Watch for the mid-2027 closing milestone to confirm the shift in the combined entity's product development roadmap.
What happens next
The Onsemi acquisition of Synaptics is projected to close by mid-2027.
Further reading
For more on the current consolidation trends, see the latest updates on Semiconductors.
Source note: This article includes information reported by The Next Web.
Live Poll
Do you believe competing corporate takeover bids are beneficial for company shareholders?
