Synaptics jumps as ON Semiconductor sweetens its buyout to an all-cash deal
+14.08% to $121.10 from $106.15
What moved SYNA
- Synaptics shares surged as much as 14% after ON Semiconductor agreed to acquire it for a fixed $123 per share in cash, replacing a prior deal that mixed cash and ON stock.
- The new price values Synaptics at about $5.7 billion, with the cash structure removing the risk that a floating stock-exchange ratio would reduce the eventual payout.
- The amendment followed an unsolicited competing bid for Synaptics, according to the companies’ joint announcement.
Sources: Yahoo Finance · 24/7 Wall St · Seeking Alpha