SanDisk CEO Eli Harari has redeemed himself, Cramer told viewers on Monday. Well, enough to get off the Mad Money Wall of Shame, that is.
Back on Oct. 22, 2008, Cramer took Harari to task for turning down Samsung’s $26-a-share buyout offer, which was a 93% premium to SanDisk’s trading price at the time. The CEO had joined an exclusive club, along with the bosses at Take-Two Interactive, International Rectifier and Diebold, one whose membership was based on the sheer stupidity of turning down a premium bid during a recession.
Yes, Harari “stiffed his shareholders big time,” Cramer said, that can’t be denied. But the benefits of the Samsung deal make it “ridiculous to keep Harari on the Wall.”
“His company can be exonerated,” Cramer said, “and it’s time to move on.”
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