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Hedge-fund selling has so thoroughly damaged some stocks that cash-rich companies would be foolish not to look for acquisitions. Lucky for potential suitors, Cramer already did the homework. He told viewers Thursday night who should be buying who.
Cramer wants to see Illinois Tool Works [ITW
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] make a play for Manitowoc [MTW
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]. This, actually, is a strange twist of fate. The two were in a bidding war earlier in the year for Enodis, with Manitowoc “winning” out. The final price? $2.7 billion. Well, now that hedge-fund redemptions have beaten Manitowoc to just $6.46 a share from $50, the company’s market cap is only about $900 million. So now ITW can get both Manitowoc and Enodis for about a third of Manitowoc’s high bid.
Cramer also thinks that Nike [NKE
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] should takeover Under Armour [UA
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]. Hedge funds have battered this sportswear upstart down to a $1.18 billion market cap and a $24 stock from $3.3 billion, trading at $67. Nike spends $5 billion alone just on share buybacks, and the company has $2.6 billion in cash, so picking up UA wouldn’t be a problem. Cramer used Nike’s previous takeover of Umbro as a model, and figured that Under Armour would fetch between $31 and $33 a share, a 32% premium to its current price.
It’s a great deal for a company that was at one point called “the next Nike.” UA would get much-needed international distribution, and investors who were there are the IPO would still see RIOs worth 130% – and that’s even despite UA’s drop from its high.
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