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The Deal: KLA-Tencor Corporation has entered a definitive merger agreement to acquire Therma-Wave Inc. through a cash tender offer of $ 1.65 per share, or approximately $75 million. Therma-Wave's board of directors has approved the transaction and unanimously recommended that its shareholders accept the offer. The company's directors and executive officers have agreed to tender their shares. The transaction still requires regulatory approval. The companies expect the deal to close in the first quarter of 2007.