Synaptics Prices $123 Deal Certainty; the Remaining Spread Is Only 1.2%

Summary: onsemi and Synaptics signed an amended merger agreement on Oct. 1 that replaces the June all-stock exchange with $123 cash per SYNA share. A timestamped Oct. 2 premarket observation was already $121.50, leaving 1.23% gross upside to the stated price, with no interest, and a long path that may extend through mid-2027 or later. A reference-only three-month sensitivity gives a flat highest-probability base and a 17.4% break-risk stress. Reject / no trade.

Published: Oct. 2, 2026, 5:53 p.m. Singapore time (UTC+08:00). Scope: U.S. market, long opportunities only. The latest regular close and the subsequent premarket observation are stated separately; neither is a verified executable entry.

Opportunity Ranking

Rank	Candidate	Direction	Mispricing	Evidence freshness	Catalyst window	Positioning	10/5 status	Tradeability	Main rejection risk
1	Synaptics (SYNA)	Long screen	A fixed $123 cash merger replaces a stock exchange; the latest timestamped premarket mark is already $121.50, while the deal remains conditional and pays no interest	Oct. 1 amended merger agreement and SEC Form 8-K; company 10-K through June 27	Expected mid-2027 close; stockholder vote and non-U.S. antitrust/FDI clearances remain	Sept. 15 short-interest data are stale relative to the amendment; current arbitrage ownership and event flows unknown	Reject: 1.23% top, 0% base, -17.35% bottom stress, 0:1 base/adverse	$121.50 is a premarket reference from Oct. 2 at 4:39 a.m. EDT; no current spread, depth, venue quality or exit audit	The reward is small and the $123 payment depends on a successful closing; deal failure can reopen the standalone valuation
2	Foghorn Therapeutics (FHTX)	Long screen	Cost reductions extend management’s stated cash runway after a failed lead clinical program, but the highlighted remaining programs are preclinical	Oct. 1 issuer update; latest filed balance sheet is June 30	Workforce actions in Q4; next pipeline data and trial milestones not yet disclosed as near-term catalysts	Current ownership and flow data not reviewed	Reject / clinical and execution risk overwhelm cash-runway visibility	Oct. 1 regular close $2.92; small-cap liquidity and exit quality not audited	The company and Lilly will not advance FHD-909 or the separate SMARCA2 degrader program
3	Constellation Energy (CEG)	Long screen	A signed 20-year Amazon PPA supports long-dated Calvert Cliffs operations and a planned 190 MW uprate, but project-level price, cost and return data are absent	Sep. 30 issuer release; Aug. 6 Q2 results	Uprate scheduled for 2030–2032; plant re-licensing and project investment remain ahead	Current ownership and flow evidence not reviewed	Reject / no near-term project-economics bridge	Oct. 1 regular close $258.92; current execution conditions unverified	The release’s more than $3B Maryland infrastructure estimate spans the broader plant program and is not a disclosed CEG return on incremental equity
—	SPDR S&P 500 ETF (SPY)	Long control	Broad-market comparison only; no issuer-specific event thesis	Oct. 1 regular close	Ongoing macro exposure	Not used as single-name positioning evidence	Not scored	Liquid benchmark in regular hours; no order-book audit	Does not resolve the SYNA merger spread or closing risk

Selected opportunity: SYNA for information value, not as an attractive or executable long.

Why this one now: An Oct. 1 SEC-filed agreement changes the consideration from 1.350 shares of onsemi stock to $123 cash per Synaptics share. That is a real change in the state of the claim. But by the Oct. 2 4:39 a.m. EDT premarket snapshot, the price had already moved to $121.50. The market has absorbed nearly all the headline payout before ordinary-session acceptance.

What should surprise the reader: The press releases’ approximate aggregate deal values, about $7B for the old agreement and $5.7B for the revised one, are not a like-for-like per-share haircut: the former was a fixed exchange ratio whose dollar value moved with ON shares. At ON’s Oct. 1 regular close of $80.08, the old 1.350-share exchange equaled about $108.11 per SYNA share. The revised $123 cash consideration is about 13.8% above that reference, but only 1.23% above the timestamped premarket SYNA mark.

Why This Is the Best Opportunity Right Now

SYNA offers the clearest, contractually stated long-side payoff among the fresh candidates: $123 cash per share, conditional on closing. That makes it easier to test than FHTX’s residual preclinical pipeline, and more immediate than CEG’s new PPA, whose capacity addition is not expected until 2030–2032. It is selected for decision value, not for an assumption that a completed merger is certain.

This is materially different from the June Desk screens. The June 26 SYNA article measured a 1.350x all-stock exchange spread while ON’s shares fell; the June 28 ON article focused on buyer-side deal fear and buyback claims. The new Oct. 1 A&R agreement replaces that consideration with a fixed cash price, adds the outcome of a previously undisclosed competing-proposal process, and changes the relevant risk from ON share-price exposure to a long-dated cash-merger spread. The amendment, not a refreshed quote on the old terms, changes the evidence boundary.

Why This Can Move More Than 5% Soon

The first post-announcement U.S. regular session can move more than 5% if buyers or sellers reassess the approval path, the time to close, or what SYNA is worth if the merger fails. The Oct. 1 regular close preceded the joint announcement at 4:34 p.m. EDT. At Oct. 2, 4:39 a.m. EDT, a secondary premarket report showed $121.50. The $123 contractual consideration is not a near-term market price guarantee: it is payable only at the effective time, without interest.

The closing date is expected by mid-2027, subject to a Synaptics stockholder vote, required governmental authorizations and other conditions. HSR approval has already been obtained, and the buyer says it has fully committed financing with no financing condition. Those facts strengthen the completion case. The amended agreement nevertheless allows automatic three-month extensions, up to three times, if specified regulatory conditions are the only remaining conditions. The $123 payment could therefore be delayed well beyond the headline mid-2027 expectation.

10/5 Asymmetry Gate

The scenario map uses $121.50 at Oct. 2, 4:39 a.m. EDT, explicitly labeled premarket, as a reference-only basis. The latest completed regular-session close was $106.15 on Oct. 1 at 4:00 p.m. EDT, before the amended agreement was announced. The $123.00 payment implies only 1.23% gross upside from the premarket reference. The bottom stress is the observed Oct. 1 regular-session low of $100.42, before the amendment; it is a historical stress marker, not an estimate of standalone fair value or a floor.

At those levels, the highest-probability base sensitivity is flat, while the adverse stress is a 17.35% decline. Favorable base return divided by adverse risk is 0:1. Even a binary close/failure model using $123.00 on completion and $100.42 on failure needs a 93.36% completion probability merely to break even before time value, spread, slippage, fees or the possibility that a failed deal sends the stock below the observed stress. Current executable quote and liquidity checks are not available. Reject / no trade.

What Should Surprise the Reader

The fixed cash price removes one risk that dominated the original deal: SYNA no longer receives 1.350 shares of a volatile buyer. It does not remove transaction risk. The agreement pays $123 only at closing and expressly pays no interest. From the $121.50 premarket mark, the entire nominal spread is $1.50 per share. If completion takes 266 days through the June 25, 2027 outside date, that is only about 1.69% simple annualized gross return; any regulatory extension lowers it further. The time value is especially material because the consideration itself earns no interest while the shareholder waits.

The Setup

Fact: Synaptics’ Oct. 1 Form 8-K says the parties signed an Amended and Restated Merger Agreement. It replaces the June 25 all-stock agreement in its entirety. Each eligible SYNA common share is to convert to $123 cash, without interest, subject to the agreement’s conditions. The Synaptics board unanimously approved the amended agreement after it had determined an unsolicited, non-binding proposal from an unnamed strategic party was a Superior Proposal, then concluded that the revised onsemi terms were better. The rival’s price and terms were not disclosed; no overbid value is inferred.

Fact: onsemi says the consideration is about $5.7B and will be financed with cash on hand and committed financing. The parties say the deal is expected to close by mid-2027. The agreement has no financing condition, and the SEC summary notes that HSR approval has already been obtained. A majority vote of issued and outstanding SYNA shares and other required antitrust/foreign-investment authorizations remain conditions.

Fact: Synaptics reported FY26 revenue of $1.2B, non-GAAP diluted EPS of $4.58, and Core IoT sales growth of 43%. It also reported a GAAP loss of $490.8M for the year, including a $425.3M non-cash valuation allowance in Q4. At June 27, the audited 10-K reported $442.5M cash, $837.3M total debt and 39.06M common shares outstanding; 39.11M shares were outstanding on Aug. 4. Those are dated standalone fundamentals, not an appraisal value and not a forecast for the combined company.

Inference: The amendment makes the SYNA payout independent of ON’s share price, but only after the conditions are met. The event is not a free 1.23% coupon. A shareholder is underwriting a vote, foreign regulatory clearances, an extended outside date, and the possibility of a material mark-down if the transaction fails. The $320M regulatory termination fee is payable by onsemi to Synaptics only in specified regulatory-failure circumstances. It is paid to the company, is subject to contractual conditions, and is not a guaranteed per-share floor. The $235M company termination fee can apply in specified superior-proposal or board-recommendation circumstances and may constrain future alternatives.

The Market Price

Observation	Price	Timestamp / session	Interpretation
SYNA last completed regular close	$106.15	Oct. 1, 4:00 p.m. EDT	Synaptics’ LSEG historical lookup; session ended 34 minutes before the joint announcement. This is not a post-amendment price.
Amended agreement announced	$123.00 cash per share	Oct. 1, 4:34 p.m. EDT	onsemi/Synaptics release and Oct. 1 SEC Form 8-K; contractual consideration conditional on closing.
SYNA timestamped premarket reference	$121.50	Oct. 2, 4:39 a.m. EDT	Benzinga market report; 14.5% above the prior close, but only 1.23% below the $123 consideration. Snapshot is over an hour old at this run’s cutoff and is not an executable quote.
Conflicting after-hours context	$122.10; another page displayed $122.53	Oct. 1 after-hours; exact trade times not established	Secondary providers differ and do not provide a consistent observation time. Do not average these marks with the 4:39 a.m. premarket quote.
ON last completed regular close	$80.08	Oct. 1, 4:00 p.m. EDT	StockAnalysis historical close; multiplied by the original 1.350 exchange ratio gives $108.11 per SYNA share, a contemporaneous old-terms reference only.

The latest completed regular session at the run cutoff is Oct. 1. The new agreement and initial repricing became public after that close; the premarket mark is a separate reference observation. No current NBBO, spread, depth, venue quality, volume quality, or exit liquidity was verified.

The Mispricing

The price-implied question is not whether $123 is above yesterday’s $106.15 close. The offer headline is obvious and the market has already moved most of the way toward it. The question is whether a roughly 1.2% gross spread can compensate for a cash payment expected only by mid-2027, without interest, when the downside on a failed deal is much larger.

The original 1.350 exchange ratio at ON’s Oct. 1 close of $80.08 implies $108.11 per SYNA share. The new $123 cash consideration improves value certainty by $14.89, or 13.8%, relative to that same-time old-terms mark. This is a consistent price comparison. The companies’ announced aggregate values of roughly $7B and $5.7B use different dates and transaction structures; describing the change as a simple $1.3B purchase-price cut would confuse old stock-value movement with revised per-share consideration.

The strongest long argument is that the new offer is signed, both boards support it, the target board has already reviewed a competing proposal, HSR clearance is in hand, financing is committed with no financing condition, and the revised payout is fixed in cash. Against that, the market price is nearly at the cash amount, payment earns no interest, material regulatory and vote conditions remain, and an earlier competing proposal shows the process has already been contested. The market could be right about completion and still leave a poor long return at the current reference.

The Positioning

The latest secondary short-interest page reports 2.56M SYNA shares short, about 6.51% of public float, as of the Sept. 15 settlement date. That observation predates both the Oct. 1 amendment and its premarket repricing. It does not show how many holders are merger-arbitrage investors, their entry prices, hedges, or current borrow. The 985,739 shares reported for the Oct. 1 regular session also preceded the amendment announcement. Positioning is therefore partially observed but stale, not proof of a crowded long or forced flow.

The Catalyst

Amended agreement signed Oct. 1: The fixed cash price is contracted, not paid. Confirmed steps include unanimous board approval and the Oct. 1 signed A&R agreement. No shareholder vote, closing, or collection of cash is yet complete.
Synaptics stockholder vote: The A&R agreement requires approval by holders of a majority of outstanding shares entitled to vote. A meeting date and final proxy for the amended agreement were not verified at this cutoff.
Regulatory and foreign-investment review: HSR approval is reported as already obtained, while other required antitrust and FDI authorizations remain. The agreement obligates reasonable-best-efforts remedies subject to limits; the company could still incur costs, delay, or a termination scenario.
Outside date and extensions: June 25, 2027 is the contractual End Date. It can automatically extend by three months, up to three times, when qualifying regulatory conditions are the only remaining conditions. This could extend the holding period into 2028 without increasing the $123 payment.
Cheapest disconfirming test: The next amended-merger proxy and jurisdiction-specific regulatory disclosures. A new filing that identifies a material unresolved condition, a vote delay, or an additional remedy would directly weaken the completion assumption. A completed shareholder vote and remaining approvals would reduce, but not eliminate, risk.

The Payoff

This is a three-month, through-Dec. 31, 2026 reference-only event sensitivity from $121.50, the latest timestamped premarket observation found. The top level is the $123 contractual cash amount, assuming an unusually early completion by year-end. The base level holds the premarket mark flat while the agreement remains pending; it is a conservative status-quo sensitivity, not a price forecast. The bottom level is the observed Oct. 1 regular-session low of $100.42, before the amendment announcement, used only as a deal-failure stress marker. That price was affected by the older all-stock merger agreement and is not true unaffected value. If the A&R agreement fails, the stock could trade below it.

The 10% upside discovery hurdle cannot be met from the fixed $123 payment at this reference: it would require a purchase near $111.82 or below before costs. The earlier $106.15 regular close is not a valid entry after the post-close amendment and gap. Current entry remains null. Probabilities below are analyst judgments, not observed frequencies; they reflect a low chance of closing inside 90 days despite the company’s mid-2027 expectation, a larger pending-deal state, and a material but unquantifiable break risk. They are deliberately not calibrated.

Price Target and Probability Map

Scenario	Probability	Target / level	Return from $121.50	Horizon	Conditions	Evidence quality
Top Case	10%	$123.00	+1.23%	Through Dec. 31, 2026	Amended merger closes early, before the company’s expected mid-2027 window; $123 cash is paid without interest	High for contract price; low for early timing
Base Case	70%	$121.50	0.00%	Same	Deal remains pending and the reference mark is unchanged; no additional approval or vote evidence is assumed	Low; status-quo sensitivity
Bottom Case	20%	$100.42	-17.35%	Same	The amended deal terminates or loses credibility and SYNA tests the Oct. 1 pre-announcement session low; lower prices remain possible	Low; observed level, not a floor
Invalidation	n/a	New SEC filing reports shareholder adoption and all required authorizations obtained	Rebuild the closing timeline and remaining gross spread; do not convert the record to executable automatically	Before closing	Verified filings and a fresh regular-session quote still required	High for observable approvals; future price unknown

Probability-weighted expected value: $117.43, or -3.35% gross versus the $121.50 premarket reference before spread, slippage, fees and any opportunity cost. This is a scenario-weighted price sensitivity, not enterprise value or a calibrated trading forecast.

Current market level and timestamp: $121.50 at Oct. 2, 4:39 a.m. EDT, explicitly premarket; latest timestamped reference found. Last completed regular close was $106.15 at Oct. 1, 4:00 p.m. EDT, before the amended deal announcement.

Primary instrument: SYNA common stock, USD, research only.

10/5 favorable base move: 0.00%; the contractual $123 top case is only +1.23% and is not the highest-probability base.

10/5 credible adverse move: -17.35% to an observed pre-announcement intraday level; this is a stress marker, not a maximum-loss bound.

10/5 gross base reward / adverse risk: 0:1. Any spread, time, and transaction costs worsen the result.

10/5 measurement basis: Reference-only premarket observation; entry.price is null.

10/5 status: Reject / no trade.

Confidence: Low. Contract consideration and vote/regulatory conditions are primary evidence, but failure probability, failure value, timing, current positioning and execution liquidity are not measurable with precision.

Sensitivity and Break-Even

With only two terminal outcomes, $123 on closing and $100.42 on failure, pre-cost break-even requires a completion probability of 93.36%: (121.50 - 100.42) / (123.00 - 100.42). Any holding cost, spread, slippage or lower failure value raises the required probability. At 1.23% gross upside over 266 days to the June 25, 2027 End Date, the simple annualized spread is about 1.69%; if all three regulatory extensions are used, the rate falls below 1% annualized. None of these mechanics caps the downside or proves the deal’s probability.

The Kill Shot

The strongest case against Reject is substantial: the merger terms are now signed and all-cash; the target board unanimously approved them after reviewing an unsolicited rival proposal; onsemi says financing is fully committed and the A&R agreement has no financing condition; HSR approval is already reported; and the stock’s standalone business produced $1.2B FY26 revenue, $4.58 non-GAAP EPS and 43% Core IoT growth. These facts support a high chance of eventual completion and a better-defined payout than the former stock exchange.

They do not justify buying at $121.50 for a $123 payment without interest. Load-bearing assumption: the deal will complete, not merely remain pending, with very high probability and without consuming enough time or market liquidity to erase a 1.23% gross spread. The 90-day base case is flat, and the contractual extension mechanism can push the wait well beyond June 2027.

What Could Go Wrong

A required non-U.S. antitrust or FDI authorization is delayed, denied, or conditioned on remedies that change the economics.
SYNA shareholders do not approve the amended agreement, or litigation delays the vote or closing.
The prior strategic party reappears or a new bidder changes the process; its identity and proposal terms are undisclosed. Do not assume an overbid.
If the agreement fails, SYNA loses the transaction premium and may reprice below the $100.42 observed stress, especially given $837.3M debt and no public post-amendment standalone guide.
The $320M regulatory termination fee applies only in defined circumstances, is payable to Synaptics rather than directly to each common holder, and is not a floor. Company termination fees and fee conditions also matter.
The $123 amount is payable without interest. Extensions, dispute costs, opportunity cost, and a thin arbitrage return can make an eventual win a poor return.
The time-stamped premarket price is over an hour old. Gaps, spread, depth, halts, and exit liquidity can differ sharply from a screenshot.
Current short interest predates the amendment and does not identify arbitrage holdings or future forced flows.

What Would Prove This Wrong

The Reject screen should be rebuilt if the amended proxy is filed, holders approve the agreement, remaining foreign clearances arrive without material remedies, and a fresh regular-session market still offers enough gross spread after allowing for the verified time to close, costs and a conservative failure stress. Even then, a trade-qualified long would require a fresh entry and verified spread, depth, venue/volume quality and exit liquidity. A single approval does not make entry.price non-null automatically.

Risk Audit

Strongest counterparty view: fixed cash consideration, unanimous renewed board approval, committed financing without a financing condition, HSR clearance, and substantial cash termination protection in certain antitrust failure states.
Most fragile assumption in the long case: that the approximately 1.2% remaining gross spread adequately compensates for vote/regulatory risk and a possible extension into 2028.
What the market may already know: the $123 figure and $121.50 premarket response are public; the increase from the June all-stock agreement's marked value at ON’s October close is not a separate free upside catalyst.
Directionally right but still losing: the transaction can close at $123 while the annualized return remains below other short-dated cash alternatives, before costs. Conversely, a break can create a much larger loss than the remaining offer spread.
Residual risk: regulatory, FDI, litigation, shareholder vote, counterparty, financing execution despite no financing condition, timing, debt, standalone operations, gap, halt, spread, slippage and exit-liquidity risks.

Best Trade Strategy

No trade. The screen does not recommend buying SYNA to capture the merger spread. Keep entry.price null and execution.can_execute=false. Do not use $106.15, $121.50 or the $123 consideration as an order instruction, guaranteed floor or live quote. Reassess after the amended merger proxy, shareholder vote, required regulatory clearances and a new regular-session valuation of the remaining spread. Common shares are the only expression considered; no options, leverage, margin, market orders or price-floor logic. Before any later entry, verify a current quote, spread, depth, venue and volume quality, and realistic exit liquidity.

Sources

Source	Date / observation	Use and limitation
Synaptics Form 8-K and amended merger agreement and Exhibit 2.1	Oct. 1, 2026	Primary source for $123 cash, no-interest terms, proposal history, board approval, closing conditions, End Date/extensions and specified termination fees.
Joint onsemi/Synaptics announcement	Oct. 1, 4:34 p.m. EDT	Company source for approximate transaction value, expected mid-2027 closing, financing statement and strategic rationale; forward-looking statements are issuer estimates.
Original June merger Form 8-K	June 25, 2026	Primary source for the superseded 1.350 ON-share exchange ratio; used only for the like-timestamped $108.11 comparison.
Synaptics historic stock lookup	Oct. 1, 2026 regular session	Company-hosted page, LSEG source; shows $106.15 close, $106.61 high and $100.42 low before announcement.
ON regular-session price history	Oct. 1, 2026 regular close	Secondary source for $80.08 ON close used to mark the old 1.350-share consideration; not a current quote.
SYNA premarket reference	Oct. 2, 4:39 a.m. EDT	Secondary timestamped premarket observation of $121.50; not NBBO or executable liquidity.
SYNA after-hours page and Benzinga after-hours coverage	Oct. 1 after-hours; exact prints/times differ	Secondary provider marks include $122.53 and $122.10; session/timestamp fields do not align, so neither is averaged with the $121.50 premarket reference.
Synaptics FY26 Q4/FY results	Aug. 6, 2026	Primary issuer release for $1.2B revenue, $4.58 non-GAAP EPS, $425.3M deferred-tax valuation allowance and transaction-related absence of forward guidance.
Synaptics FY26 Form 10-K	Filed Aug. 10, 2026	Audited June 27 cash, debt and share denominator; stale as of the Oct. 1 amendment.
SYNA short-interest history	Sept. 15 settlement	Secondary, delayed short-interest and float estimate; predates the amended merger and is not current arbitrage positioning.
Foghorn Oct. 1 update and June 30 Form 10-Q	Oct. 1 / Aug. 6, 2026	Primary comparator sources for discontinued programs, management runway estimate, cash and liabilities.
FHTX regular-session price history	Oct. 1, 2026 close	Secondary comparator reference of $2.92, down 18.21% on 13.34M shares; not executable liquidity or evidence of holder positioning.
CEG/Amazon PPA announcement and CEG Q2 results	Sep. 30 / Aug. 6, 2026	Primary comparator sources for the 20-year PPA, 2030–2032 uprate and CEG’s companywide FY26 guide; no site-level return bridge.
CEG regular-session price history	Oct. 1, 2026 close	Secondary comparator reference of $258.92; does not verify the project’s incremental value.
ON regular-session price history	Oct. 1, 2026 close	Secondary reference of $80.08, used only to mark the superseded 1.350-share exchange ratio at the same date.
SPY regular-session price history	Oct. 1, 2026 close	Broad-market comparison reference only.
SYNA regular-session price history	Oct. 1, 2026 close	Secondary cross-check for daily close and volume; the company-hosted LSEG history is used for the table’s price levels.
Prior June SYNA merger screen and June ON buyer-side screen	June 26 and June 28, 2026	Archive boundary: those screens used the old all-stock exchange and ON’s acquisition-day reaction, not the Oct. 1 fixed-cash amendment.

Research Quality Scorecard

Criterion	Score	Basis
Market disagreement	4/5	Signed fixed consideration is nearly reached in premarket, while closing conditions and no-interest time exposure remain.
Evidence base	4/5	Oct. 1 SEC A&R agreement and historic close are primary; current executable price and exact overseas review states are not verified.
Positioning and flows	2/5	Sept. 15 short-interest data are stale; current arbitrage holdings, options and flows are unknown.
Catalyst path	4/5	Vote, foreign authorizations, End Date and extension clauses are observable; exact closing schedule remains company guidance.
Payoff architecture	2/5	Contract cash price is clear, but residual spread is small relative to break stress and time cost.
Invalidation discipline	4/5	Vote, regulatory clearance and termination filings are specific tests.
Differentiated insight	4/5	Separates old stock-deal aggregate value from comparable-date exchange value and new fixed cash consideration.
Client value	5/5	Shows why a headline premium is not the return available after the gap has already closed.
Total	29/40	Reject / no trade; the score cannot override failed 10/5 economics.

Bottom Line

The amended agreement is a genuine improvement in value certainty for Synaptics holders: $123 cash replaces a 1.350x ON stock exchange, the board renewed its approval, HSR approval is reported, and the agreement has no financing condition. But at the latest timestamped premarket reference, only 1.23% gross upside remains, without interest, against a mid-2027 closing expectation, potential regulatory extensions and a credible 17.35% downside stress. Reject; the merger headline is real, but no long clears 10/5 at the available reference.

AI Illustration Prompt

Create an institutional editorial illustration of a merger-arbitrage ledger on a semiconductor wafer: a signed cash consideration card marked “$123, payable at closing” beside a premarket quote tag “$121.50 / 4:39 a.m. EDT / reference only.” Stretch a thin brass ribbon between them for the 1.23% gross spread, while a longer calendar bridge leads toward “mid-2027” and a separate regulatory extension track recedes toward 2028. In the background, show an unsigned shareholder ballot and foreign regulatory review folders; no company logos, tickers, executable order tickets or profit arrows. Restrained navy, ivory, graphite and amber, precise documentary realism, subtle readable “The Mispricing Desk” watermark at lower right.