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Bloomberg News reported on October 9, 2026, citing people familiar with the matter, that Cirrus Logic was the unnamed “Party A” that made an unsolicited proposal for Synaptics. Synaptics’ SEC filings confirm that a strategic party made proposals, but do not name Cirrus Logic. The confirmed deal is Synaptics’ amended agreement to be acquired by onsemi for $123 per share in cash; the companies expected to close by mid-2027, subject to approvals and other conditions.
What is confirmed about Cirrus Logic and Synaptics?
Synaptics’ October 1, 2026 Form 8-K says the company received an unsolicited, non-binding proposal on September 2 from an unnamed strategic party to acquire all outstanding Synaptics shares. The filing refers to that bidder as “Party A” and does not identify it as Cirrus Logic. Synaptics’ Form 8-K describes the proposal and the board’s subsequent review.
Bloomberg News identified Cirrus Logic as Party A in an October 9 report, citing unidentified people familiar with the private matter. That identification is attributed reporting, not a fact confirmed by the reviewed SEC filing. Bloomberg also said it was unclear whether Cirrus remained interested. Bloomberg’s report does not establish that Cirrus has withdrawn or is still pursuing a bid.
What did the competing proposal offer?
Synaptics’ October 8 preliminary proxy describes a September 29 revised Party A proposal. Using Synaptics’ closing share price on that date, the proposal implied a notional value of approximately $131.36 per Synaptics share. Its consideration was approximately 48% cash and 52% stock, and it included three reserved seats for Synaptics representatives on the combined company’s board. These figures are the proposal’s implied value at that reference date, not a guaranteed cash amount. Synaptics’ preliminary proxy details the proposal and the board’s evaluation.
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How did that compare with onsemi’s amended offer?
| Term | Revised Party A proposal | Amended onsemi agreement |
|---|---|---|
| Implied or stated consideration | Approximately $131.36 per Synaptics share, based on September 29, 2026 closing prices; notional value could change with stock prices. | $123 per share, entirely in cash. |
| Cash and stock mix | Approximately 48% cash and 52% stock. | All cash. |
| Board representation | Three reserved seats for Synaptics representatives on the combined company board. | Not stated in the cited October 1 deal announcement. |
| Timing and conditions | The proxy discusses shareholder-approval requirements, other conditionality and relative timing certainty; it does not establish a completed transaction. | The companies expected closing by mid-2027, subject to Synaptics shareholder approval, required regulatory approvals and customary closing conditions. |
The headline figures are not directly equivalent: Party A’s per-share amount was an implied value based partly on stock, while onsemi’s amended offer fixed the consideration at $123 in cash. Synaptics’ proxy says the board considered stock-price volatility, approval requirements, other conditions, timing certainty and the progress of the onsemi transaction. The board’s decision was its assessment of the competing proposals, not an independent finding that one price was objectively worth more.
Why did Synaptics stay with onsemi?
Synaptics’ board and special committee reviewed Party A’s proposals and negotiated with the bidder. At one point, the board determined that a revised competing proposal constituted a Superior Proposal. After onsemi improved its terms and further negotiations took place, the board concluded that the revised Party A proposal no longer qualified as a Superior Proposal. It then unanimously approved the amended onsemi agreement and recommended the merger to shareholders.
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The amended agreement, announced October 1, replaced the original June 25 agreement in its entirety while retaining the plan for Synaptics to become an indirect, wholly owned subsidiary of onsemi if the merger closes. The companies described the revised deal as approximately $5.7 billion in aggregate value. The companies’ October 1 announcement states the revised terms and expected closing window.
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The acquisition has not been described as completed in the reviewed announcements. Onsemi and Synaptics said they expected it to close by mid-2027, subject to Synaptics shareholder approval, required regulatory approvals and customary closing conditions. The amended merger agreement filed with the SEC sets out the transaction’s terms and conditions.
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- CONNECTIVITY: Features both cellular connectivity and GNSS (Global Navigation Satellite System) capabilities for location-based applications
- DEVELOPMENT PLATFORM: Ideal for prototyping and testing IoT devices, supporting cellular network communications
- COMPATIBILITY: Designed to work with Nordic Semiconductor's development tools and software development kit
- APPLICATIONS: Perfect for creating IoT solutions, asset tracking systems, and location-aware connected devices
The companies also cited approximately $200 million in annual run-rate synergies previously announced. Their October 1 release said incremental revenue synergy and production-insourcing benefits were expected after the first 18 months following closing. These are management expectations, not realized results.
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- VERSATILE CONNECTIVITY: Features multiple interface options including I2S, SPI, UART, and USB for comprehensive development capabilities
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- Development Platform: nRF52833-DK evaluation board designed for prototyping and testing Bluetooth
- BLE, Thread, and Zigbee applications using the nRF52833 SoC
- Wireless Connectivity: Supports multiple protocols including Bluetooth
- (BLE), 802.15.4 (Thread, Zigbee) operating at 2.4GHz frequency for versatile wireless development
- Integrated Antenna: Features PCB trace antenna built directly on-board for immediate testing and development without requiring external antenna components
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