Tootsie Roll Succession May Open Door for Sale: Real M&A

Tootsie Roll Industries Inc. is now in play for buyers willing to pay the richest valuation in confectionery history.

The $2 billion maker of chewy chocolates and Junior Mints rose more than 7 percent Wednesday as the death of long-time Chief Executive Officer Melvin Gordon sparked speculation the Chicago-based candy maker could become a takeover target. His 83-year-old widow, Ellen Gordon, whose father once ran the business, will take over. She was the largest Tootsie Roll shareholder even prior to her husband’s death, and the Gordon family holds a controlling stake in the company.