Bullish case (deal closes with onsemi shares recovering)
$120 to $150 on the SYNA line
More likely if the stockholder vote and antitrust and foreign-investment approvals proceed on schedule, the S-4 becomes effective, and onsemi shares recover from recent weakness. With ON back near the $90 to $110 range, the implied SYNA value from 1.350 shares rises above the current price and the spread widens in favor of holders.