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.
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