TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer said Medtronic's (MDT) - Get Report $1.1 billion proposed acquisition of HeartWare International (HTWR) on Monday is a smart deal. 'When you have a situation where the company has money overseas, they can do some buying,' Cramer said. 'They have a much more advantageous relationship than other companies in the medical instruments business because they bought Covidien and that allowed them to invert.' Covidien is a Dublin-based medical device company that was purchased by Medtronic last year. HeartWare shares rose 92 percent on Monday.
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.