What: Shares of Synaptics Incorporated (NASDAQ:SYNA) rose as much as 26% early Wednesday, then settled to trade up 20% as of 1:50 p.m. after Bloomberg reported the human interface specialist turned down a $110-per-share acquisition offer from a state-backed Chinese investment group.

So what: That would have valued Synaptics at almost $4 billion, and represents a nearly 70% premium to yesterday's closing price of $64.77 per share. But according to "people with knowledge of the matter," Bloomberg says, Synaptics "isn't interested in selling at that level, ... and may be holding out for as much as $125 per share.

Now what: As evidenced by today's comparatively modest pop, there's no guarantee such a deal will happen. But to Synaptics' credit, keep in mind the stock is still down significantly from its 52-week high of $102.50 set in June, hurt by broader market concerns over slowing sales of smartphones and PCs that make use of its products. And even if those concerns hold merit, Synaptics stock is admittedly attractive trading at less than 10 times next year's expected earnings. For now, whether an acquisition happens or not, I think Synaptics stock could represent a compelling long-term play for bargain-hunting tech investors.