Synaptics Inc is moving closer to a deal with a Chinese investment group that values the touchscreen chip maker at more than $110 per share, Bloomberg reported, citing people familiar with the matter.

Shares of Synaptics jumped as much as 40 percent to $86.76 on Wednesday.

The deal, expected to value Synaptics at about $4 billion, could be finalized in early March after the Chinese New Year, the sources told Bloomberg, adding that the talks may still fall apart.

Synaptics was not immediately available for comment.

San Jose, California-based Synaptics had rejected a $110 per share offer from the Chinese state-backed group in September, according to Bloomberg.

(Reporting by Abhirup Roy in Bengaluru; Editing by Don Sebastian)

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