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Synaptics Said to Shun $110-a-Share Bid From China Investor

Synaptics Inc., the maker of touch-screen technology used in phones, tablets and computers, rejected an offer from a state-backed Chinese investment group that valued the company at almost $4 billion, people with knowledge of the matter said.

The group bid $110 per share for San Jose, California-based Synaptics, said the people, who asked not to be identified because the information is private. That reflects a 70 percent premium to the company’s closing share price Tuesday. Synaptics isn’t interested in selling at that level, one of the people said, and may be holding out for as much as $125 a share. Talks between the buyer and Synaptics are ongoing, the people said.

Synaptics rose 12 percent to $72.57 at 11:05 a.m. New York time, after jumping as much as 26 percent, its largest one-day gain since June 2014. Shares have fallen 5.9...