Cirrus Logic Confirms Having Made Rival Bid for Synaptics

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Cirrus Logic confirmed it had made a competing bid to acquire Synaptics after the technology company agreed to be bought by ON Semiconductor.

Cirrus disclosed the offer in a Tuesday filing with the Securities and Exchange Commission. It said it isn't currently pursuing any deal with Synaptics, and didn't provide any details of its offer.

The filing confirms a report by Bloomberg last week that Cirrus had made an unsolicited offer to acquire Synaptics, citing people familiar with the matter.

Cirrus said it was the party referred to as "Party A" in recent SEC filings by both ON Semiconductor and Synaptics, but said it doesn't adopt or confirm the descriptions of Cirrus or its proposals included in the filings.

ON Semiconductor tweaked the terms of its deal for Synaptics earlier this month, following Cirrus' rival offer. The new deal has a lower total value of around $5.7 billion, rather than around $7 billion, and will be completed in cash rather than stock.

 
 

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