(This item originally ran at 4:15 p.m. ET on Feb. 14.)

Jim Cramer says NXP Semiconductors (NXPI) will probably reach $110 a share from its current roughly $102 even if its proposed $47 billion takeover by Qualcomm (QCOM) falls through.

"If the deal breaks up ... the stock [still] heads through $110," Cramer said in an exclusive conference call with members of his Action Alerts PLUS club for investors. "I think you win either way."

QCOM offered $110 a share for NXP Semi in October, aiming to add NXPI's expertise in "Internet of Things" applications to QCOM's existing telecommunications business.

"Qualcomm is a cell phone company and NXPI is an 'Internet of Things' company, [and QCOM] needs NXPI," Cramer said. "They need it."

But he added that even if the deal falls apart, "what I think is going to happen is and NXPI is going to go higher. We typically do not hold stocks if they get [takeover] bids. This is the exception, because [NXPI] worth more than the bid."

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