The filing identifies Cirrus as the anonymous "Party A" referenced in earlier regulatory documents submitted by both Synaptics and ON Semiconductor. While confirming its unsolicited offer, Cirrus stated it is no longer pursuing a transaction and declined to elaborate on the financial specifics of its rejected proposal.

Following the unsolicited bid, ON Semiconductor moved to revise its acquisition terms earlier this month. The updated agreement transitioned from a stock-based deal valued at approximately $7 billion to an all-cash purchase worth roughly $5.7 billion. Despite the competitive pressure applied by Cirrus, the parties have moved forward with the restructured deal, leaving the initial rival offer in the past.