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Synaptics Stock Jumps 14% After ON's All-Cash Buyout

onsemi2 min read7 sources

Why is Synaptics stock up today?

Synaptics (SYNA) stock rose about 14% to roughly $121 on Friday after ON Semiconductor agreed an all-cash buyout at $123 a share, replacing its earlier stock deal.

Key numbers

Deal price per Synaptics share$123 cashreplaces 1.35 ON shares per share
Deal value$5.7Bdown from about $7B
Synaptics (SYNA) shares, Oct 2$121.27+14.2% midday
ON shares, Oct 2$84.26+5.2% midday; +6.5% pre-market (per [7])
Committed bank loan$2.45BMorgan Stanley term loan

What happened

Synaptics (SYNA) stock rose about 14% to roughly $121 on Friday after ON Semiconductor agreed an all-cash buyout at $123 a share, replacing its earlier stock deal. The new price is about $5.7 billion, down from roughly $7 billion in the all-stock deal signed June 25, which paid Synaptics holders ON shares instead of cash. The change followed an unsolicited offer from an unnamed outside company. ON will pay with cash on hand and a $2.45 billion bank loan. ON shares rose about 5% during the day.

Why it matters

Synaptics shareholders now get a fixed $123 in cash per share instead of ON shares whose price can swing up or down. ON Semiconductor pays less overall and says the deal should add to its profit per share right away. The trade-off is more debt for ON, because of the $2.45 billion loan.

Who this affects

Marketneutral
Low impact
Chip investors see cleaner cash terms; wider sector also rallied.
Companybullish
Medium impact
Synaptics holders get fixed cash; ON gets lower cost but more debt.
Competitorsneutral
Low impact
Unnamed rival bidder loses out; chip peers rose on Micron results.
Industrybullish
Low impact
Adds to chip consolidation around AI and edge devices.

Synaptics vs ON Semiconductor, Microchip, NXP

SynapticsSYNA$4.74B+14.2%23.4x+11.4%
ON SemiconductorON$32.8B+5.2%20.6x-3.1%
Microchip TechnologyMCHP$44.65B+4.75%19.9x+20.9%
NXP SemiconductorsNXPI$61.61B+2.15%14.3x+8.8%

As of 2026-10-02

How we got here

  1. onsemi agrees all-stock deal for Synaptics: 1.35 ON shares per share, about $7B.

  2. Unsolicited rival proposal prompts revised all-cash deal at $123 a share, about $5.7B.

  3. After hours, Synaptics shares jump about 14% and ON about 5%.

  4. Gains hold in regular trading as chip stocks rise after Micron results.

What to watch

  • Synaptics shareholder vote and remaining non-US regulatory approvals before closing2027-06
  • ON's update on the $2.45B loan, debt levels and extra synergies beyond $200MQ4 2026
  • Whether the unnamed rival bidder makes any further move for SynapticsQ4 2026

Educational content only. Not investment advice.

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