STOCK REPURCHASE PROGRAM

9 Months Ended

Jun. 28, 2015

Equity [Abstract]

STOCK REPURCHASE PROGRAM

Stock Repurchase Program

On September 9, 2014, Microsemi Corporation's Board of Directors authorized the repurchase of up to $100.0 million of the Company's common stock before September 30, 2016. The Company has used and plans to continue to use existing cash from available working capital to fund the repurchases. During the nine months ended June 28, 2015, the Company repurchased 1.9 million shares for $50.0 million at an average price of $26.11 under the program. Repurchased shares were retired and returned to authorized shares.

On July 21, 2015, Microsemi Corporation's Board of Directors authorized a new stock repurchase program for the repurchase of up to an additional $100 million of the Company's common stock before July 31, 2017. Repurchases under our stock repurchase program may be made in the open market or through privately negotiated transactions and may also be made under a Rule 10b5-1 plan.