Onsemi has raised its offer for Synaptics to $123 per share in cash under a revised merger agreement, putting a sharper number on the latest semiconductor-sector consolidation move. The two companies jointly announced the revised terms on October 1, 2026, framing the transaction around an immediate earnings-per-share benefit for onsemi shareholders.

The headline is straightforward, but the investor read-through requires discipline: $123 per share is the announced cash consideration, not an independent valuation conclusion. The companies have also not provided, in the stated terms, a transaction-closing probability, arbitrage spread or additional financial projections. The revised agreement therefore offers a defined deal price, while leaving those separate questions for further analysis.

What changed in the revised agreement

Under the revised merger agreement, onsemi agreed to acquire Synaptics for $123 per share in cash. That structure matters. Unlike a stock-based transaction, the stated consideration does not depend on the future trading value of onsemi shares. For Synaptics shareholders, the announced terms specify cash consideration; for onsemi shareholders, the acquisition represents a capital-allocation decision that the companies say is designed to deliver immediate EPS accretion.

That EPS-accretion statement is a management-backed value proposition, not an independently verified forecast in the available announcement. Investors should distinguish between the companies' stated strategic rationale and a full valuation assessment, which would require additional details not provided here.

Read the joint October 1 announcement for the companies' description of the revised agreement. Seeking Alpha also reported the revised $123-per-share cash offer in its coverage of the transaction.

Why an all-cash semiconductor deal matters

All-cash consideration can provide a clearer reference point for investors tracking consolidation across the semiconductor industry. The $123 figure establishes the announced price for Synaptics within this transaction, potentially giving market participants a concrete benchmark for assessing strategic interest in the sector. It also avoids issuing new onsemi equity as transaction consideration, a factor relevant to investors focused on ownership dilution and capital discipline.

Still, the structure does not by itself establish that the deal is attractively valued, financially conservative or certain to close. Those conclusions would require information beyond the stated terms. The immediate EPS-accretion language may support onsemi's strategic case, but it should be treated as the companies' stated objective rather than a guaranteed outcome.

What investors can—and cannot—conclude

• Event-driven investors: The revised $123-per-share cash consideration creates a clearly defined announced deal term to monitor, but the available information does not provide an arbitrage spread or completion probability.
• Conservative investors: The cash structure may make the consideration easier to analyze than a stock-based exchange, while deal execution and other conditions remain relevant questions.
• Semiconductor investors: The transaction adds another data point to industry consolidation and offers a stated onsemi shareholder value proposition centered on immediate EPS accretion.

The key takeaway is not a premature valuation verdict. It is that onsemi and Synaptics have reset the announced consideration at $123 per share in cash, while positioning the revised transaction as immediately accretive to onsemi's EPS. Until more information is available, the price, structure and stated rationale are facts; valuation conclusions and closing assumptions remain separate analytical judgments.