Stock Repurchase Program

12 Months Ended

Sep. 27, 2015

Equity [Abstract]

Stock Repurchase Program

Note 12 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. On July 21, 2015, Microsemi Corporation's Board of Directors authorized a new stock repurchase program for the repurchase of up to an additional $100.0 million of the Company's common stock before July 31, 2017. Repurchases under either authorization may be made in the open market or through privately negotiated transactions and may also be made under a Rule 10b5-1 plan. The number of shares to repurchase and the timing of such repurchases will be based on several factors, including the price of the Company's common stock, potential alternate and general market and business conditions.

During the twelve months ended September 27, 2015, under the September 9, 2014 authorization, the Company repurchased 2.7 million shares for $75.0 million at an average price of $28.03 under the program. Repurchased shares were retired and returned to authorized shares. Under the existing board authorizations, $125.0 million of common stock may still be repurchased.