Cirrus Logic Confirms It Made Acquisition Proposals For Synaptics, Says It Is Not Pursuing A Deal Now
An 8-K names Cirrus Logic as "Party A" in the Synaptics and onsemi merger filings and says it will comment no further for now.
Cirrus Logic confirmed in an 8-K filed Tuesday that it made acquisition proposals to Synaptics and is the "Party A" described in filings by Synaptics and onsemi about their pending merger. The company added that it is not currently pursuing a transaction with Synaptics.
What the 8-K says
The filing, made under Item 7.01 (Regulation FD disclosure), says Cirrus Logic is aware of reports that it recently made efforts to acquire Synaptics. It states: "The Company confirms that it made acquisition proposals and is Party A."
The company drew a line around that confirmation. It said it does not otherwise adopt or confirm the accuracy of how the Synaptics and onsemi filings describe Cirrus Logic or its proposals.
Cirrus Logic also said it "will not be providing any further comment on this matter at this time." The filing was signed by Chief Financial Officer Jeff Woolard and was furnished rather than "filed" for purposes of Section 18 of the Exchange Act.
What it changes
The filing puts a name to the unnamed bidder in the merger paperwork, and it caps what Cirrus Logic stands behind: the fact of the proposals, not the details others have described.
Bloomberg Law reported on October 9, citing people familiar with the matter, that Cirrus Logic made an unsolicited cash-and-stock offer for Synaptics last month to derail Synaptics' announced deal with onsemi. The report said the bid led onsemi to revise the terms of its agreement.
Cirrus Logic shares closed at $107.99 in Tuesday's session, up about 2% from the prior session, before the filing was accepted at 4:59 p.m. ET.
What to watch
The Synaptics and onsemi merger is still pending, and their own filings may show whether the revised terms hold.
Cirrus Logic's own line for now is short: it made proposals, it is not pursuing a deal, and it has nothing more to say.
Sources
- 8-K Filing — CIRRUS LOGIC, INC. (CRUS) — SEC EDGAR
- Cirrus Logic Is Said to Have Bid for Synaptics After Onsemi Deal — news.bloomberglaw.com
