On the eve of the onsemi deal closing, Cirrus Logic launches a takeover bid for Synaptics.

Cirrus Logic sent an unsolicited acquisition offer to Synaptics last month, according to people familiar with the matter. The cash-and-stock offer prompted ON Semiconductor to revise the terms of its acquisition agreement with Synaptics: changing from an all-stock deal to an all-cash transaction, with the per-share offer adjusted to $123. Synaptics' board carefully evaluated Cirrus Logic's offer and engaged in negotiations with it, but ultimately determined that ON Semiconductor's revised offer better served shareholder interests.