If this is scanned text and you don't need it to look like scanned page do some magic in Adobe Acrobat. http://blogs.adobe.com/acrolaw/2013/06/straighten-and-deskew-pdf-pages-in-acrobat-xi/ From Tools select "Document processing". Click "Optimize Scanned PDF", Deselect “Apply Adaptive Compression” and from "Filters" options choose the one that you would like to apply (for example background removal).
Then you could try tools for creating panoramas as they look for straight line and fix photos together (some cutting out may be required)
And the easiest way for me (if the wave is in the same place) would be to use Displacement Map in Photoshop. Because that's what you want to do. Displace picture.
I have 2 methods
1) Optical Character Recognition Software
If you don't need the original image, it may be better to recreate the page. I have used the following site to scan text from PDFs or images: http://www.onlineocr.net/
This online service will scan the document for text and convert into editable Word, Excel and Text output formats.
2) Puppet Warp in Photoshop
Open your image in Photoshop. Go to Edit -> Puppet Warp. This will add a lot of triangles to your image.
Click on the image at the middle of a curved text and to the left and right to create pins. The left and right pins will act as an anchor and will not move.
Move the pin on the curved text in the direction that will straighten the text.
I would suggest you add guides to help you align the text.
If you have an older version of Photoshop which lacks the puppet warp feature then I would suggest you try Photoshop Warp Transform Tool or in Illustrator try Envelope Distort -> Make With Mesh.
I believe what you're looking for is image distortion. Though not always providing the best results it is definitely something you could start and work with.
Here are a couple of approaches put together that you can try.