$5.7BMergerTechnology
onsemi cuts Synaptics price to $5.7B after rival bid surfaces
onsemi and Synaptics amended their June merger agreement, with onsemi now paying $123 per share in cash for roughly $5.7 billion, down from about $7 billion under the original deal. The revision followed an unsolicited competing proposal from a third party. onsemi says the transaction will now be immediately accretive to non-GAAP EPS and sees upside beyond $200 million of annual run-rate synergies.
Why it matters: A competing bidder usually pushes prices up; here it gave onsemi room to restructure terms downward while keeping the asset.
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