ON Semiconductor Revises Synaptics Takeover to All-Cash $5.7B Deal at $123 Per Share, Sending Both Stocks Sharply Higher

ON Semiconductor and Synaptics amended their merger agreement on October 1, 2026, switching from a stock-based deal valued at roughly $7 billion to an all-cash acquisition priced at $123 per share, implying a total transaction value of approximately $5.7 billion. The revision followed an unsolicited competing proposal received by Synaptics from an unnamed third party, prompting both companies to renegotiate terms first announced on June 25, 2026.

The restructured deal drew an enthusiastic market response. ON Semiconductor shares climbed about 8% in morning trading on October 2, reaching $86.64, while Synaptics surged roughly 14%. Pre-market indications had already shown both stocks moving sharply, with Synaptics up as much as 14% and ON up around 6-7%. Investors responded positively to the lower total cost for ON and the certainty of cash consideration for Synaptics shareholders.

Onsemi CEO Hassane El-Khoury said the revised terms represent a more financially attractive transaction for the company's shareholders, adding that the all-cash structure is now expected to be immediately accretive to non-GAAP earnings per share upon closing, an improvement over the previous stock deal. Stifel reiterated its Hold rating on ON Semiconductor in the wake of the revised merger terms.