Key Highlights

  • Synaptics shares gained 20.00% over one month to $117.15 as screened on October 23.
  • The revised onsemi agreement of October 1 pays $123 per share in cash, about $5.7 billion.
  • The original June 25 agreement was valued at about $7 billion.
  • Shares trade about 4.8% below the $123 offer price, calculated.
  • Closing is expected by mid-2027, and the FTC has approved the transaction.

Synaptics Stock: Why Did Shares Gain 20.00% in a Month?

Synaptics (NASDAQ:SYNA) shares rose 20.00% over one month to $117.15 as screened on Friday, October 23, 2026, because its takeover by onsemi (NASDAQ:ON) was amended and converted to a fixed cash price. The stock was up 0.09% on the day and 0.02% on the week, which is typical of a share price tied to an offer.

On October 1 the two companies announced a revised merger agreement at $123 per share in cash, an aggregate value of about $5.7 billion. The original agreement, dated June 25, was valued at about $7 billion, so the revised aggregate value is about 19% lower, calculated. Calculated from the screen, the stock started the month near $97.63.

Synaptics supplies semiconductors and software for touch, display and connected-device applications. On Friday, October 2, a report showed shares up 13.53% to $120.51 from a prior close of $106.15, which accounts for most of the monthly gain.

Revised Merger Terms: What Changed After the Unsolicited Proposal?

The amendment followed an unsolicited proposal from an outside bidder, whose identity and terms were not disclosed. The Synaptics board unanimously determined the amended deal remains in the interests of the company and its shareholders.

The all-cash structure gives shareholders value certainty, according to the companies, and is expected to be immediately accretive to onsemi's non-GAAP earnings per share. The companies reaffirmed $200 million of annual run-rate synergies and added revenue synergies and production insourcing, expected after the first 18 months following closing.

The offer is $5.85 per share above the screen price, calculated. The deal is funded with cash on hand and fully committed debt financing, and the amended agreement has no closing condition tied to onsemi's financing.

Synaptics Deal Spread: How Far Is the Price From $123?

At $117.15, shares sit about 4.8% below the $123 offer, calculated, a gap that reflects the time to close and approval risk. The FTC has approved the transaction, but regulators in other jurisdictions are still reviewing it.

The definitive proxy statement was filed on September 15, and the transaction also needs shareholder approval. Closing is expected by mid-2027, roughly eight months away.

The Electronic Technology group fell 8.25% over the same month and has gained 42.00% year to date, so Synaptics moved against a falling sector on deal terms rather than sector momentum.

Synaptics Next Steps: What Could Change the Spread?

Investors will watch the shareholder vote date, approvals from overseas regulators and any further competing proposal, since the amendment itself came in response to an unsolicited bid.

Because the offer is in cash, the share price now follows deal probability and timing more than operating results. Any change in the $123 price or in the expected mid-2027 closing date would be the clearest signal.