Temple-Inland's top executives may have dismissed International Paper's $3.3 billion takeover offer, but IP CEO John Faraci on Thursday stood by his company's hostile tender offer.
"The Temple management board have, at this point in time, have concluded they don’t want to negotiate with us. We think we've made a serious offer," Faraci told Cramer, adding his company is committed to acquiring Temple at a 20 percent premium to its all-time high. "So this is a serious offer. It's one that we believe is good for International Paper shareholders and we think it ought to be attractive to Temple shareholders."
Ultimately, Faraci said the company could go directly to the shareholders with its plan, even though he called it "Plan B." The company has filed paperwork to get the regulatory-approval process started, he said. The U.S. Department of Justice issued a second request for material related to the Temple-Inland bid on Wednesday. All the while, though, Faraci said he hopes Temple executives come around.
"We'd still like a friendly, negotiated transaction," he said. "We think that's the way for Temple to get its best value."
To see the full interview, watch the video.
Reuters contributed to this report
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