MagnaChip Semiconductor announced that its Board of Directors approved an extension of its existing stock repurchase program through Oct. 27, 2013. The stock repurchase program, originally adopted effective Oct. 27, 2011, had been scheduled to terminate on Oct. 27, 2012. The Board also increased the total amount of common stock the company may purchase under the stock repurchase program by an additional $25M, subject to applicable legal and contractual restrictions, for a maximum aggregate repurchase amount under the program of up to $60M. As of June 30, 2012, the company had repurchased an aggregate amount of $28.7M of common stock under the program.
- stock repurchase