When I owned Tootsie Roll shares, it was in part due to the presumption that aging owners would be selling the business, and that that it would command a nice premium to a company such as Hershey (HSY). I finally gave up on that notion as revenue stagnated, margins declined, and the Gordons showed no interest in selling.
Several years later, the Gordons are still going strong, the stock is doing fairly well, and commanding a rather high 37 price-to-earnaing ratio. Given David Murdock's offer for the rest of Dole, perhaps I had it all wrong. Perhaps the Gordons will be buyers, and not sellers. Let's hear it for the old guys (and gals)! At the time of publication the author held no positions in any of the stocks mentioned. Follow @JonMHellerCFA This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.