onsemi’s (NASDAQ: ON) all-stock bid to acquire Synaptics (NASDAQ: SYNA) initially depressed the share price, but now things are different. The massive share price decline undercut the value of the all-stock Synaptics bid, enabling a competing suitor to enter the mix.
Faced with a superior offer, onsemi made the nimble pivot to an all-cash deal, securing its bid and accelerating a major transformation—from component provider to end-to-end physical AI systems original equipment manufacturer (OEM)—and at better terms.
