Jenner & Block

October 15, 2014 Chicago Pacific Makes Offer for Hoover

Partner Dan Murray was serving as secretary to the board of directors of Chicago Pacific Corporation when, on this day in 1985, the company made a tender offer to acquire “any and all” shares outstanding of Hoover Co., the vacuum-cleaner manufacturer, for $40 a share cash.  By November of that year, Chicago Pacific completed the $519.5 million acquisition of Hoover.   “Chicago Pacific emerged last year from the reorganization of the Chicago, Rock Island and Pacific Railroad Co. with no operating businesses, nearly $300 million in cash from the liquidation of most of its rail lines and on the hunt for acquisitions,” the Chicago Tribune reported.

CATEGORIES: 1985-1994, Chicago Pacific, D Murray, Hoover

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