Onsemi revises Synaptics buyout to $5.7B cash bid
Onsemi (ON) has revised its agreement to acquire Synaptics (SYNA) for $5.7 billion in cash, a shift from the original stock deal announced in June. The change followed an unsolicited competing proposal from a third party.
Synaptics (SYNA) shares rose about 16% in after-hours trading on Thursday after onsemi (ON) agreed to buy the chipmaker for cash rather than stock, revising a merger agreement the two companies struck in June. Onsemi said the change came after an unsolicited competing proposal from a third party.