M&A · Tech · Semiconductors & Related Devices
SYNAPTICS Inc to acquire DSP Group Inc
Announced Aug 30, 2021 · Closed Dec 2, 2021
Deal value—
Premium17.9%To unaffected price
EV / Adj. EBITDA—
ConsiderationNot disclosed
Transaction
- Acquirer
- SYNAPTICS Inc (SYNA)
- Target
- DSP Group Inc
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Dec 2, 2021
Deal protections
- Break fee (target pays)
- $19.8M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
Sector context · Tech
- Comparable deals
- 40 in the prior 24 months
- Premium
- 17.9% vs. 30.8% sector median
- EV / Adj. EBITDA
- Sector median 18.1x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedAug 30, 2021
- Proxy filedOct 13, 2021
- Definitive proxyOct 25, 2021
- Shareholder voteNov 29, 2021
- ClosedDec 2, 2021
Valuation · fairness opinions
Discounted cash flow$14.90$23.80
Trading comparables$16.90$24.20
Implied value per DSP Group Inc share by analysis, from Goldman Sachs · DCF discount rate 8%–9%.