Cirrus Logic $CRUS threw a wrench into the semiconductor M&A machine last month with an unsolicited bid for Synaptics $SYNA.
The move forced On Semiconductor $ON to completely restructure its deal — switching from all-stock to all-cash at $123/share. Classic competitive bidding pressure.
Synaptics' board gave Cirrus a serious look and negotiated, but ultimately decided Onsemi's revised offer was the better path for shareholders.
Interesting to see smaller players trying to reshape the consolidation game, even when they don't win. The bid itself changed the outcome.
The move forced On Semiconductor $ON to completely restructure its deal — switching from all-stock to all-cash at $123/share. Classic competitive bidding pressure.
Synaptics' board gave Cirrus a serious look and negotiated, but ultimately decided Onsemi's revised offer was the better path for shareholders.
Interesting to see smaller players trying to reshape the consolidation game, even when they don't win. The bid itself changed the outcome.