Mad Money

Multiple market messages from OpenTable buy

Cramer: Priceline, OpenTable 'whopper' deal

(Click for video linked to a searchable transcript of this Mad Money segment)

On Friday, for $103 a share, and Jim Cramer says developments are chock full of subtle messages.

The first takeaway, Cramer says, involves the 46 percent premium that Priceline was willing to pay. "I conclude that once again, the public market is not properly valuing stocks; that they hold far greater relative value." That's a concept Cramer bridged at great length on Mon., June 9.

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Another takeaway involves just how rapidly Cramer thinks the mobile revolution has advanced. Some 41 percent of OpenTable's business is done on mobile, Cramer said, and he only sees those percentages growing over time. That's ultimately what Cramer thinks Priceline is after. "The acquisition creates a centralized place to book planes, hotels and now restaurants, in a world that's constantly on the move."

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But of all the takeaways, perhaps none is more thought provoking than the price action. Priceline offered $103 per share for OpenTable, and yet on Friday, after the deal was announced, shares traded above the offer.

That kind of premium is typically generated by expectations of another offer, one that's higher.

Cramer thinks it's a reasonable assumption. "I can see Google outbidding Priceline. Don't forget, that Google owns Zagat. I believe that the combination of Zagat, a company that rates restaurants in tandem with OpenTable, a reservation system, is a killer combination. And Google certainly has the money to make it happen."

Cramer can also see Yahoo! making a play. "Yahoo! needs to ramp up their mobile business and OpenTable might be a great way to do it."

On a somewhat related note, Cramer can even see the deal sparking interest in other Internet companies such as and GrubHub, which Cramer feels should merger with each other.

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All told, Cramer believes there are multiple messages being telegraphed by these developments. 1) The premium suggests other stocks may be undervalued. 2) The popularity of OpenTable's app intimates that the mobile revolution is advancing quickly. And 3) the price action after the deal was announced implies another bid may be coming.

What else is there to say, except, a good investor is always good listener.

Call Cramer: 1-800-743-CNBC

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