Shares of Lexmark (LXK) are up 10% Wednesday after the company reportedly accepted an offer to be acquired by Apex Technology and PAG Asia Capital for $40.50 per share. 

This is a "nice premium" for Lexmark, which closed at $34.65 on Tuesday, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment. 

However, Cramer argued HP (HPQ) - Get Report would have been wise to acquire Lexmark. 

Why? Because it could have helped offset the slowdown in PCs, which Intel (INTC) - Get Report CEO Brian Krzanich forecasts to fall in the mid- to high-single digits for 2016, Cramer said. 

Although Cramer doesn't like HP, he does like Hewlett Packard Enterprise(HPE) - Get Report , which is run by President and CEO Meg Whitman. He said Intel could follow a similar path in the future, splitting the company up the way the old Hewlett-Packard did. 

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.