This semiconductor-sector takeover tussle is getting interesting. According to Bloomberg on October 10, Cirrus Logic quietly entered the fray last month with an unsolicited takeover offer for Synaptics, directly disrupting the acquisition deal that onsemi had thought it had secured.
As a result, onsemi was forced to revise the agreement overnight, turning its original all-stock offer of $7 billion into an all-cash acquisition worth about $5.7 billion, paying $123 per share in cash. A rival barged in and forced the buyer to offer real money to save the deal, even at a lower price—a reminder that cash is king.
As a result, onsemi was forced to revise the agreement overnight, turning its original all-stock offer of $7 billion into an all-cash acquisition worth about $5.7 billion, paying $123 per share in cash. A rival barged in and forced the buyer to offer real money to save the deal, even at a lower price—a reminder that cash is king.