It might hurt in the beginning, but oftentimes a failed courtship works out for the best.

That's true in life and Cramer thinks it very true in business, particularly in the case of the .

"This transaction had been in the works since last summer, and it would have created the largest advertising agency in the world, but it fell apart a month ago because the two companies couldn't come up with terms that were acceptable to both sides," Cramer said.

Although it may sting now, eventually the heartbreak will lift. Ultimately, Cramer believes both parties will, again, get back in the game.

"Think about it, now that the deal has blown up, there's not one, but two huge advertising agencies that are still interested in making an acquisition."

And Cramer thinks Interpublic Group is an extremely attractive mate.

"I think the failure of the Omnicom Publicis deal is perhaps the single best thing that could have happened for Interpublic Group shareholders," Cramer said. "Why? Because an acquisition of Interpublic allows either company to bulk up scale," Cramer said, something he believes was a prime objective behind the earlier merger. "And Interpublic is a cash cow. Plus with its $8.3 billion market cap, the company is fairly easy to digest."

All told, Cramer said in the wake of the failed merger, "IPG is takeover target No. 1."

However, Cramer is reluctant to ever recommend a stock strictly as a takeover target. "I only ever want to own the stocks of companies with strong or at least improving fundamentals," he said.

And after looking at various metrics, Cramer believes IPG is fundamentally sound.

First, Cramer said the company has excellent leadership, a hallmark for investment.

"Also, Interpublic has also been aggressive about trimming fat. Last quarter they implemented cost savings initiatives that could add up to $40 million on an annualized basis. In addition, the company boosted its dividend by 27 percent, and it also authorized a $300 million buyback."

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Given the positive fundamentals and the failed merger, Cramer is a buyer. "I think it could easily get a 20% premium in a takeover scenario. But I also like the business. Therefore, I think the stock has every reason to rise," he said.

Call Cramer: 1-800-743-CNBC

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