Synaptics said closer to deal with China-backed group

Synaptics Inc, the maker of touch-screen technology used in mobile devices and computers, is nearing an agreement to be bought by a State-backed Chinese investment group that values the company at more than $110 per share, according to people familiar with the matter.

A deal could be reached in early March after the Chinese Lunar New Year that falls on Feb 8, according to the people, who asked not to be named because the negotiations are private. Synaptics, based in San Jose, California, rejected a $110 per share offer last year, a 70 percent premium to where the company was trading at the time.

Talks with the Chinese group have continued in recent months, and Synaptics is ironing out details of a transaction valuing the company at about $4 billion, the people said.