CHICAGO — William Wrigley Jr.'s family spent more than 115 years building the soap salesman's fledgling company into a corporation that made chewing gum a mass-market product.

But yesterday, the Wrigley clan announced it's cashing out after four generations as the iconic confectioner becomes a subsidiary of privately held Mars Inc. in a $23 billion deal.

"It's the end of ... equity ownership, but I think the legacy of the Wrigley family will survive and endure for some time to come," said Bill Wrigley Jr., the company's executive chairman and the great-great-grandson of William Wrigley Jr.

"We must respect the past, but at all times do what's right for the future."

Under the agreement, Wrigley shareholders will receive $80 in cash for each share. McLean, Va.-based Mars will also assume a small amount of Wrigley debt.

Executives said family owned Mars, which makes Snickers and M&Ms, first approached the world's largest gum maker with their unsolicited bid on April 11. Since then, the two sides have haggled to reach the $80-per share offer — a 28 percent premium to Wrigley's Friday closing price of $62.45.

The agreement weds two of the country's most venerable confections companies. Each have long histories of family involvement and long ties to each other. Mars, founded in 1911, is still owned by descendants of founder Frank Mars.

Family legend has it that the Wrigley and Mars patriarchs used to attend baseball games together in the 1930s.

"It's been 100 years of due diligence and we saw the opportunity," said Mars President Paul S. Michaels.

The deal includes debt financing from Warren Buffett's Berkshire Hathaway Inc., which will also buy a $2.1 billion minority equity interest in the Wrigley subsidiary once the deal is done.

If the buyout receives regulatory and shareholder approval, the combined companies would leapfrog over Britain's Cadbury Schweppes as the world's largest confectionary maker — a move that's already fueling speculation that the deal could spawn a round of candy industry consolidation.

The companies expect the buyout to close in six to 12 months.

"I look at it as two companies that see the opportunity to create a true global confectionary powerhouse," said Morningstar analyst Mitchell Corwin. "They become No. 1 in chocolate and No. 1 in chewing gum with a strong international presence and growth in emerging markets."

Wrigley, which has been publicly traded for 80 years, will keep its headquarters in Chicago, a city with whom its name has been synonymous for decades.

The gum maker's ornate towering headquarters along the Chicago River is a favorite among tourists for snapping pictures. And the Chicago Cubs historic ballpark — Wrigley Field — got its name while the team was owned by the Wrigley family, which sold the franchise decades ago.

"The Wrigley family certainly has been an important part of Chicago history for many years," said Tim Samuelson, a Chicago cultural historian. "And while it's a shame to see one of the old companies go out of family ownership, I think the Wrigley presence will stay around for a long time by the legacy they left around."

Yesterday's announcement sent Wrigley's shares into overdrive, reaching an all-time high.

"I think this is a bold move, but beyond that, I think this is the right move," said Wrigley Chief Executive Bill Perez.

Executives said Wrigley would gain little benefit in weathering a run-up in commodities costs, but said the deal would allow the company to enhance its sales, marketing and distribution systems.

Among the early changes after the deal is complete, Wrigley would take over control of Mars' non-chocolate candy, including Starburst and Skittles.

Wrigley said the affect on the company's 14,000 employees would be minimal. Wrigley will remain executive chairman and officials said the company's executive team would likely stay in place.

Officials said Wrigley's board, which unanimously approved the $80-per-share offer over the weekend, would examine any other offers submitted to the company.

But Citigroup analyst David Driscoll said he thought a competing offer would be unlikely.

"The only other likely buyer that we believe would benefit from acquiring Wrigley would be Hershey; but we view this as an unlikely outcome given the current situation," he told investors in a research note.