Cramer: This Company a Remarkable Comeback Story!
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Back in 2009 this stock was trading for under a dollar. Now it's 14 and change.
The company Cramer is talking about is Sunrise Senior Living, which, on August 22nd accepted an offer of $14.50/share from Health Care REIT.
The deal is expected to close in 2013.
Cramer said events were noteworthy because back in 2006 and 2007 shares plunged as a Securities and Exchange Commission probe resulted in restatements that reduced earnings.
Nonetheless, when CEO Mark Ordan took over in March of 2008 he promised to turn the company around – and turn it around he did.
“A little more than a year ago, he came on this show, with the stock trading at $6.84, and told me—and hopefully you, too—that a turn was at hand,” said Cramer
“Sure enough, Ordan delivered. Back on August 22nd we found out that Sunrise Senior Living had caught a $14.50 takeover bid from Healthcare REIT, another excellent company—that’s a 62% premium to where the stock was trading the day before.”
“Even better, if you listened to Ordan when he came on the show, you now have a 110% gain—more than a double,” Cramer said.
Cramer went on to say that it’s easy to get jaded by the stock market, so when a CEO delivers for you, when he gives you a big gain, Cramer thinks it warrants attention- if only to remind you that these wins are possible.
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