Synaptics Inc. (NASDAQ:SYNA) shares are trending on Thursday night.

Shares of the Californian semiconductor manufacturing company surged 15.03% to $122.10 in after-hours trading on Thursday after the company signed an amended merger agreement for an all-cash acquisition by ON Semiconductor Corp. (NASDAQ:ON).

ON Semiconductor is an Arizona-based semiconductor supplier.

Rival Proposal Preceded the Amended Deal

According to a filing with the Securities and Exchange Commission, Synaptics signed an Amended and Restated Merger Agreement with onsemi on Thursday. Each Synaptics share will convert into $123 in cash, without interest.

The amended deal replaces a June 25 agreement, with certain terms revised, the filing said. It followed an unsolicited, non-binding offer on Sept. 2 from an unnamed strategic bidder.

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Synaptics’ board, working with a special committee of independent directors, first deemed that bidder’s revised proposal a “Superior Proposal.” After further negotiations with Onsemi, and on the committee’s recommendation, the board determined that, given the amended deal terms, the rival bid no longer qualified. It then unanimously approved the agreement, the filing said.

Closing requires a majority vote of Synaptics shareholders and approvals under antitrust and foreign investment laws. Hart-Scott-Rodino Act clearance, the U.S. antitrust review, is already secured. The deal also has no financing condition, according to the filing.

Trading Metrics, Technical Analysis

MetricSynapticsON Semiconductor
Market Cap$4.21 Billion$31.18 Billion
52-Week Range$58.28–$149.11$44.56–$134.92
Shares Outstanding39.69 Million389.31 Million
Relative Strength Index 59.7559.26

SYNA has gained 56.33% over the past 12 months, while ON shares are up 65.63% over the same period.

Price Action: SYNA closed the regular session on Thursday at $106.15, up 4.69%, according to Benzinga Pro data. ON shares closed at $80.08, up 4.18%. In after-hours trading, ON rose another 7.13%.

With a Momentum rating in the 86th percentile, Benzinga’s Edge Stock Rankings show that Synaptics stock has been moving upward over the long term, while experiencing consolidation in the short and medium term.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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