Cirrus Logic is said to have made a rival bid for Synaptics after Onsemi offer

Cirrus Logic (CRUS) has offered to acquire Synaptics (SYNA) in September, as the semiconductor company looked to fend off a competing bid from ON Semiconductor Corporation (ON), Bloomberg reported, citing people familiar with the matter.

The report came after onsemi (ON) agreed to acquire Synaptics (SYNA) for $123 per share in an all-cash deal worth roughly $5.7B last week, revising its previous all-stock bid worth about $7B disclosed in June.

Onsemi (ON) changed the deal terms following an “unsolicited competing proposal” from a third party, according to a statement, which didn’t name the bidder.

Austin-based Cirrus Logic is the "Party A" mentioned in an updated proxy filing from Synaptics on Thursday, the people said, asking for anonymity as details are private.

The filing indicated that board members of Synaptics (SYNA) seriously evaluated Cirrus Logic’s (CRUS) cash and stock bid and even held discussions with the company before eventually settling on Onsemi's (ON) revised offer.

It’s unclear if Cirrus Logic (CRUS) continues to have buyout interest in Synaptics, the people added.

Representatives for both Cirrus Logic and Onsemi declined to comment on the report, according to Bloomberg. Synaptics didn’t immediately respond to a request for comment.

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