Tootsie Roll's 95-year-old CEO dies

The CEO of American candy company Tootsie Roll has died. Melvin Gordon died in Boston Tuesday following an illness. He was 95.

Wife Ellen Gordon will take care of his duties for now, but shares of Tootsie Roll Industries Inc. (NYSE: TR) shot up 7.1 percent on the news that the transition could lead to a buyout.

Bloomberg reports Ellen Gordon, who is in her 80s, is seen as more likely to pursue a deal following the death of her husband. The two were married for 65 years and have four daughters.

Tootsie Roll’s market value is about $2 billion and the couple owned a controlling stake.

Along with its namesake chocolate chews, Tootsie Roll sells candy under the Blow Pop, Dots, Junior Mints, Charleston Chews and Dubble Bubble brands.

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