Microsemi Announces Plan to Buy Up to Million Shares of Own Stock

Microsemi Corp., which has bought seven companies in the past 18 months, announced plans Tuesday to repurchase up to 1 million shares, or 12%, of its own stock.

David Sonksen, Microsemi’s chief financial officer, said his company’s stock is undervalued and is a good buy. Shares in Microsemi, a Santa Ana-based semiconductor maker, traded as high as $11.75 last year, but the stock was battered by the Oct. 19 market crash. Microsemi closed Tuesday at $6.25 per share in the over-the-counter market, up 25 cents for the day. The repurchase announcement was made after the market’s close.

Microsemi, which has 9.1 million shares outstanding, has been buying small electronics firms during its acquisition spree. Following its last deal in January, the company said it probably will slow down its acquisition pace.