Amid a CNBC report that Rockwell Automation (ROK - Get Report) has rebuffed offers by Emerson Electric (EMR - Get Report) , TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer said this would be an opportunity to scoop up shares of Emerson.

"It is similar to when Honeywell (HON - Get Report) went after United Technologies (UTX - Get Report) ," Cramer said. "UTX spiked and then you had to sell United Technologies.

Cramer would be a seller of Rockwell Automation and a buyer of Emerson Automation. 

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