I'm not a Cramer fan, so I don't watch him. However, my understanding from posts on this board are that he started touting GOL at around 29 or 30 and even higher.
As far an fairness, don't delude yourself. Take a look at what the Kerzners did with Sun International (now called Kerzner International.) Take a look at Seagate Technologies (the hard drive maker.) Look at their past history in their former incarnation. Both stocks were in the dumps as a result of a string of negative announcements. There may have even been collusion by brokers hoping to get in on the LBO and the future IPO action. Whatever the case, it worked beautifully for management and the bankers. The shareholders were the ones who got royally screwed. There have been many other examples of these sorts of shenanigans, but I'm personally (sadly) very familiar with these two. It would be wonderful if managements treated their shareholders fairly and were punished when they don't, but my experience has taught me that such cases are very rare.
A 30% premium over the current price would barely bring it back to where it was when Cramer started touting it. However, my guess is that 30% is VERY optimistic. That would no longer be a "bargain" for the family and seems unlikely to happen. Something in the area of maybe 10-15% seems a lot more likely if a buyout bid materializes at all. The one thing I'm certain of is that they are not going to overpay just to get out from under the burdens that go with having a publicly traded company. They're more likely to sit back and let the stock drift back down to the 20 area before they do anything. Then, a 30% premium would still be a relative bargain. Taking a company private with the intention of eventually of going public again at a later time is usually not going to yield a fat premium for the minority shareholders.
There's absolutely no guarantee that a total involuntary privatization of the company will be at a premium. A few years ago, I got caught in such a situation where the majority of the stock, about 70%, was owned by one family. They took the company private at an ridiculously cheap price, and then they brought it public again under a slightly different name about a year later at about 3 times the buyback price. They controlled the votes and therefore controlled the destiny of the company. That, too, was a foreign company (based in So. Africa) listed on the NYSE. The controlling family kept releasing negative announcements to drive the stock price lower so they could rape the public shareholders. The family that controls GOL might just be up to the same kind of merciless behavior for their own benefit. These people are not in this for the benefit of the public shareholders; they're in it solely for their own greedy profit.