Just two days ago, Cramer inducted three executives to his Wall of Shame, and Wednesday he added another.
Take-Two Interactive's Strauss Zelnick, International Rectifier's Oleg Khaykin and Diebold's John Lauer were "honored" for turning down premium takeover bids only to see those bids withdrawn and their companies' respective stocks plummet. Now SanDisk CEO Eli Harari has delivered to his firm the same fate.
SanDisk rejected Samsung's bid, a 93% premium to where SNDK was trading just prior to the announcement. Harari said the offer "significantly undervalued Sandisk" and called it "an opportunistic attempt to take advantage of SanDisk's current stock price." Now SNDK is trading at $10.09, 61% lower than the $26 Samsung was willing to pay.
As Cramer's said before, in this market, you just don't turn down premium takeover offers. So because Harari broke this cardinal rule, he's been added to the wall.
"Any CEO who rejects a deal like the one Samsung made for Sandisk is looking out for himself," Cramer said, "not his shareholders."
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