Notable Mergers and Acquisitions of the Day 10/25: CBU/GIW, CTV, PPD, ITG

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Community Bank System, Inc. (NYSE: CBU) and The Wilber Corporation (AMEX: GIW) announced that they have entered into an agreement whereby Community Bank will acquire The Wilber Corporation for $101.8 million in Community Bank System stock and cash, or $9.50 per share.

The transaction is expected to close in early 2011.

Janney Montgomery Scott LLC served as financial advisor to Community Bank System; Sandler O’Neill + Partners, LP served as financial advisor to The Wilber Corporation with Austin Associates, LLC providing a fairness opinion.

Legal counsel for Community Bank System was Bond, Schoeneck & King, PLLC, and for Wilber was Hinman, Howard & Kattell, LLP.
CommScope, Inc. (NYSE: CTV) confirmed that it is in discussions with The Carlyle Group regarding a potential 'taking private' transaction at $31.50 per share in cash.

CommScope noted that no agreement has been reached and there can be no assurance that any transaction will result from these discussions.
Pre-Paid Legal (NYSE: PPD) says that it is exploring strategic options including a sale and that it has received an offer to be bought at $60/share. A committee is now evaluating this offer which was from a well-known private equity firm.
Investment Technology Group, Inc. (NYSE: ITG) announces the $56 million acquisition of Majestic Research Corp.

The purchase price consists of $53 million in cash and $3 million in converted employee equity awards.

The acquisition will be accretive to EPS in Q111.