By Lisa Kerner
Charlotte, N.C., Jan. 8 - KLA-Tencor Corp. entered into a definitive merger agreement to acquire Therma-Wave, Inc. through a cash tender offer for $1.65 per share, or about $75 million, according to a news release.
The deal, unanimously recommended by Therma-Wave's board of directors, is expected to close during the first quarter of 2007.
"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 officer Rick Wallace in the release.
Therma-Wave, located in Fremont, Calif., develops process control metrology products used in the manufacture of semiconductors.
San Jose, Calif.-based KLA-Tencor provides yield management and process control solutions for semiconductor manufacturing and related industries.
| Acquirer: | KLA-Tencor Corp.
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| Target: | Therma-Wave, Inc.
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| Payment per share: | $1.65
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| Announcement date: | Jan. 8
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| Expected closing: | First-quarter 2007
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| Stock price for target: | Nasdaq: TWAV: $1.25 on Jan. 5
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