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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (1092)	1/9/2007 1:04:25 AM
From: richardred	Respond to of 7253

KLA-Tencor to Buy Therma-Wave for $75M Monday January 8, 2:03 pm ET KLA-Tencor to Buy Therma-Wave for $75 Million in Cash Tender Offer; Therma-Wave Soars FREMONT, Calif. (AP) -- Semiconductor production equipment maker KLA-Tencor Corp. on Monday agreed to purchase Therma-Wave Inc., a company that makes technology for semiconductors, for about $75 million. KLA-Tencor will buy the Fremont, Calif.-based company through a cash tender offer at $1.65 per share, a 32 percent premium over the stock's closing price Friday of $1.25 on the Nasdaq. Shares of Therma-Wave soared on the news, rising 36 cents, or 29 percent, to $1.61. Over the past year, the stock has traded between 92 cents and $2.20. "This acquisition will expand KLA-Tencor's portfolio of metrology tools, while strengthening our customers' access to Therma-Wave's advanced measurement capabilities," KLA-Tencor Chief Executive Rick Wallace said. Therma-Wave's directors, executive officers and the holders of Therma-Wave's Series B preferred stock have agreed to tender their shares in the offer. Those shareholders together control about 25 percent of the voting rights of Therma-Wave's common stock. Therma-Wave's board has already approved the deal, which still needs stockholders approval. The deal is expected to close in the first quarter of this year. KLA-Tencor shares rose 96 cents, or nearly 2 percent, to $51.12 in afternoon trading on the Nasdaq. biz.yahoo.com