Synaptics, Onsemi rise on revised merger deal

** Shares of Synaptics SYNA.O climb about 14% to $121.06 premarket

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

** Onsemi ON.O up 6%

** Revised offer values SYNA at $123 per share in cash, following an unsolicited third-party bid

** Deal is expected to close by mid-2027, subject to shareholder and regulatory approvals

** TD Cowen analysts says it still questions the strategic rationale, citing added complexity and concern connected-compute assets could dilute ON's core power semiconductor story despite about 18% pro forma non-GAAP EPS accretion on close

** SYNA and ON shares have risen about 43.5% and 48% so far this year, respectively