BUZZ - Synaptics and Onsemi shares rise due to revised merger agreement

October 2 - ** Synaptics SYNA.O shares rose about 14% in pre-market trading to $121.06

** Onsemi and Synaptics revised their merger agreement, reducing the value of the all-cash transaction from about $7 billion to about $5.7 billion

** Onsemi ON.O shares rose 6%

** After a third-party unsolicited takeover offer emerged, the revised offer values SYNA at $123 per share in cash

** The deal is expected to close in mid-2027, subject to shareholder and regulatory approvals

** TD Cowen analysts say they remain skeptical of the strategic rationale for the deal, citing increased complexity and concerns that connected computing assets could dilute Onsemi's core semiconductor business, though non-GAAP earnings per share will increase about 18% after the deal closes

** Year to date, SYNA and ON shares are up about 43.5% and 48% respectively

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