US Stock Market Movement | ON Semiconductor drops over 8% in after-hours trading, plans to acquire Synaptics for a premium of $7 billion

Glonghui June 26｜ON Semiconductor (ON.US) dropped 8.3% in after-hours trading to $108.88, while Synaptics (SYNA.US) fell 9.5% to $137.5. According to reports, ON Semiconductor announced it will acquire Synaptics in an all-stock transaction valued at approximately $7 billion. This acquisition aims to expand ON Semiconductor's footprint in the AI-powered intelligent systems sector and solidify its position in the emerging on-device AI applications market. Under the agreement, Synaptics shareholders will receive 1.35 ON Semiconductor shares for each Synaptics common share held, representing a premium of about 19% based on the 10-day volume-weighted average prices of both companies. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close by mid-2027, subject to Synaptics shareholder approval, regulatory review, and customary closing conditions.