International Rectifier Corp., which recently fought off a competitor's takeover attempt, said on Monday that its board of directors authorized a stock repurchase program of up to $100 million.
The stock repurchase program reflects the board's confidence in the overall financial strength and prospects for the future of the El Segundo power management chip maker, said Chairman Richard Dahl in a statement.
"We are, of course, monitoring the macro-economic climate as well as market conditions in general and will be mindful of this and other opportunities for deployment of our resources," Dahl said.
Chip maker Vishay Intertechnology Inc. earlier this month abandoned its $1.7 billion tender offer for International Rectifier Corp. in the face of continued opposition by Rectifier's leadershop and rejection by shareholders of its slate of directors at the Oct. 10 annual meeting.
International Rectifier closed up 30 cents, or 2 percent, to $13.85 in Monday trading on the New York Stock Exchange. Shares are down 62 percent from a 52-week high of $36.80 last November.
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