Looking at the Red Hat numbers, I would not want to be an existing IBM share-holder this morning; both companies missing market expectations and in need of each other to get out of the rut.
It is going to take a lot of effort to make that 63% premium pay-off. If it does not pay-off pretty quickly, the existing RedHat leadership with gone in 18 months.
Apparently this is going to be financed by a mixture of cash and debt - increasing IBM's existing debt by nearly 50%. Possible credit rating downgrade on the way?