Crain's reports an article saying Wrigley will buy TR about every two years. That doesn't mean much, but what you can think about is the asset value of Tootsie.
A company like Wrigley would generate higher ROA causing the assets to be worth more than TR currently has on the books.
Plus prime real estate in the Chicago area might cause a market to market of assets to be greater than book.the real estate has been on the books since the 20's
ladies and gentleman my point is that Tootsie is undervalued on an NAV basis.
If Wrigley could generate 18% ROA for Tootsie than TR is currently trading at 10X earnings. Think about that. A company that can buy Tootsie and increase ROA could be buying TR at a steal. If WWY was to offer 60 they would still be getting a good deal if they could bring margins up to the 19% WWY has.