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Technology Stocks : Semi Equipment Analysis

SOXX 328.78

+2.9%

Jan 9 4:00 PM EST

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To: sixty2nds who wrote (28799)	2/23/2006 11:33:12 AM
From: sixty2nds	Read Replies (2) of 95703

10:32 KLAC KLA-Tencor: Color on ADEX acquisition (52.16 +0.30) Stifel notes that KLAC announced its intention to acquire ADEX, a manufacturer of inspection and metrology tools focusing on the bare wafer market, in a stock deal valued at approximately $488 million, based on KLA-Tencor's closing price as of Feb 22. In terms of product portfolios, they believe that this acquisition is a positive one for KLAC, as it helps KLAC broaden its market exposure into the bare wafer segment. They say this is a market where KLAC currently has a much smaller presence, comparatively versus its dominant exposure in the semiconductor manufacturing marketplace. They believe the big question mark will be whether the acquisition will be accretive to earnings, given that ADEX's gross margin structure is below KLAC's. Based on current ADEX's prices, they say KLAC appears to be paying a 10% premium off of ADEX's closing price on Wednesday.

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