Tootsie Roll Industries Inc., bidding for a...

Tootsie Roll Industries Inc., bidding for a bigger chunk of the nation’s sweet tooth, announced plans to buy all outstanding shares of Charms Co. for $65 million cash. The acquisition reflects a “major commitment” by Tootsie Roll to expand its presence in the $7.5 billion-a-year U.S. candy market, said Ellen Gordon, president of the Chicago-based company. Charms, based in Colts Neck, N.J., makes Charms square roll candy, Charms hard-candy pops and Blow Pops candy pops with bubble-gum centers.