Buckingham Capital Partners II, L.P. will acquire all the outstanding shares of CPAC, Inc., for approximately $42.8 million, plus the assumption of approximately $6.7 million in debt.     Under the terms of the merger agreement, CPAC shareholders will receive $8.65 in cash for each share of CPAC common stock they hold, representing a 16% premium over the average closing price of CPAC’s common stock over the last 90 trading days. CPAC’s board has unanimously approved the merger agreement.  ...