Synaptics, a maker of touch-screen technology, rejected a nearly $4 billion offer from a Chinese investment group, sending its stock up 16.8% in mid-day trading.
The investment group offered $110 a share, representing a 70% premium to Synaptic’s closing price on Tuesday, reported Bloomberg. The hefty offer was rejected, though, and sources told Bloomberg that Synaptic could be holding out for a bid as high as $125 a share. The two companies are still continuing the conversation, raising investor’s interest in Synaptic (SYNA) stock.
The move is the latest in a string of attempts by Chinese companies to take over U.S.-based technology manufacturers. Bloomberg wrote: