Walgreen (WAG) shareholders are likely to do well whatever happens with the company's multi-billion dollar merger with Rite-Aid (RAD) , Jim Cramer told members of the Action Alert Plus investment club on a monthly call.

Cramer said whether the deal wins approval or not, "either path is better than the one we are in now."

He added "If the deal's derailed by the FTC, I think we're going to get a truly monster buyback. If the deal is accepted, analysts can raise their numbers substantially. Those are good outcomes."

Earlier this spring, Walgreens gave the FTC a deadline to decide whether to approved the deal or not.