Jim Cramer continued his analysis of potential private equity buyout candidates, and his pick for last night was Darden Restaurants Inc. (NYSE: DRI).

Buying a company solely for the sake of hoping that they get acquired is a strategy that can hurt your pocketbook if you are wrong, and Cramer is violating his old mantra of not just looking for buyout candidates. We pick our own buyout targets, but we still want to see that the company is either great on its own or can be turned fairly easily with new management or a tweak to strategies. Darden owns 60% of the land underneath the restaurants, and Cramer thinks it can fetch a 20% premium from current prices.

The forward multiples on this one aren't ridiculous, but they aren't massively cheap and the company isn't growing EPS at a fast clip. Buying this at a 20% premium would be a premium to the restaurant industry before taking what the land values are for some of the locations they have owned for a decade. If you go back and look at the cash flows basis, it trades at only about eight times cash flow, so any savings the company could make would turn this into a cheap company. Its current P/E ratio for projected earnings is roughly 17.1 and in the doable range if you don't add that 20% premium. It does have some smaller and newer brands that could be spun-off, but this one doesn't seem as much of a home run as other restaurants already acquired. Since so many restaurants have been acquired, this one is possible, but there might be easier deals still left out there that aren't as large.

Darden's stock closed out at $40.76 and traded up to $41.28 in after-hour trading. The 52-week trading range is $32.91 to $44.43, yet that is also essentially the all-time high. This one has some value to it, but it has very little organic growth ahead in its current key brands.

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.