In that case, of course, you want in on the deal, because you might get a double. But the way the deal works to get from, say $50 billion to $100 billion, is to cut back everyone so shares will be very tough to obtain. That's what happened with LinkedIn (LNKD).
Of course, they could do it the other way and price the deal at its fullest, betting that retail investors will go nuts, a la 1999 to 2000, and take it to a level that's pretty crazed. That's what happened with Groupon (GRPN - Get Report) at its best -- in that you still got a pop -- or Zynga (ZNGA - Get Report), which shows mispricing at its worst.
Either way, there's no way to determine which route the bankers will take until we get closer to the deal. It's the amount of shares, not the valuation, that will control. Don't make a move until we hear the number. That's what will let you know whether to put in, whether to hold, or whether to flip the Facebook shares.
Action Alerts PLUS, which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned.