Onsemi Shares Plunge 25% on $7B Synaptics Deal Despite Robotics Upside

Onsemi shares have fallen more than 25% since the June 26 announcement of its $7 billion all-stock acquisition of Synaptics, reflecting investor concerns over 13% dilution and near-term execution risks. The deal, which is expected to close in fiscal 2027, adds roughly $200 million in annual cost synergies and expands the combined company's exposure to industrial robotics, edge AI, and a $100 billion AI TAM by 2030. While Synaptics shares initially rose 4.5% in pre-market trading and analysts raised price targets, the market has focused on the 13.45% share increase to 448 million and a 20% premium paid. Latest coverage on June 29 argues the selloff is overdone, citing a consensus price target of $102.35 versus the current price near $88.