Cirrus Logic to Have Bid for Synaptics After Onsemi Deal

Semiconductor company Cirrus Logic Inc. made an unsolicited acquisition offer for Synaptics Inc. last month as it looked to spoil a previously announced deal with On Semiconductor Corp., according to people familiar with the matter.

Cirrus Logic is the “Party A” cited in an updated Synaptics proxy filing from Thursday, said the people, who asked not to be identified because the matter is private. It’s unclear if the company is still interested in a deal with Synaptics, they added.

Cirrus Logic’s bid, made in cash and stock, led Onsemi to revise the terms of its agreement with Synaptics last week. Onsemi changed the structure to all cash instead of all stock and tweaked the value to $123 per share. Onsemi had made the change after an “unsolicited competing proposal” from a third party, according to a statement, which didn’t identify the suitor.

Representatives for Austin-based Cirrus Logic and Scottsdale, Arizona-based Onsemi declined to comment. A representative for San Jose, California-based Synaptics didn’t immediately respond to a request for comment.

The proxy filing showed that Synaptics’ board seriously considered Cirrus Logic’s bid and held negotiations with the company before ultimately deciding that a revised offer from Onsemi was in the best interest of shareholders.

Onsemi first announced its deal with Synaptics in June, aiming to expand into semiconductors for smart devices.

Shares in Cirrus Logic closed down about 6% to $106.87 on Friday, giving it a market value of about $5.4 billion.

Onsemi slid about 2% to $77.53, putting its valuation at $30.2 billion. Shares of Synaptics, meanwhile, were up 0.6% to $119.82. Its market capitalization stands at $4.8 billion.