After the close Friday -- a peculiar time to announce an acquisition, said Cramer -- AT&T (T - Get Report) said that it would be purchasing Leap Wireless for $15 per share, almost double its Friday closing price of $7.98.
With shares trending higher on Monday's trading session, it appears investors feel there is another potential bidder lurking in the not-so-distant future. "Leap was left for dead," Cramer said, citing four firms had rated the company as a sell. "I can't believe that they could be so wrong."
He also pointed out the value of spectrum and found it hard to believe nobody saw this coming, especially when a deal between AT&T and T-Mobile (TMUS) recently fell apart.While there may be further bidding on Leap, the important fact is now obvious: There's not enough spectrum, so those that have it are in play. But which company has spectrum that can be acquired? One comes to Cramer's mind: Dish Network (DISH). "Keep an eye on Dish. They're the last guy standing with a lot of spectrum," he concluded. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell