Hill, the interim CEO and executive chairman of Tessera Technologies (TSRA) , is one of the nine people Starboard wants on Yahoo!'s board.
"I know Rick," said Cramer. "If Starboard gets in or Rick gets in, you're going to want to own Yahoo! Rick Hill is the Trojan horse who is going to bring you a gift."
Yahoo! should work with and create value for shareholders, Cramer said. Don't forget the "huge win" Starboard had with Darden Restaurants (DRI) , he added.
Don't sell Yahoo! stock now, Cramer said. He's more inclined to buy the stock, thinking management will come to their senses and work with Starboard rather than fight it.