I think we're all forgetting the one damning aspect of an Apple/IBM merger. IBM coproprate structure is among the most rigid in the world. While it has laxed a bit in recent years, it is still FAR too formalized to ever allow a smooth integration with a relatively freewheeling company like Apple. While this would be an ideal marraige from a product standpoint (excellent OS+excellent hardware design=rockin' machine) it would be a total disaster from an integration standpoint. Even if IBM were to hold Apple as a wholly owned subsidiary the management issues would be disasterous.
That said...we're talking fiction here so I'm all for IBM.
boring explanations ranging from harvard case study to university of chicago to sloan b-school theories don't say it as well as the funny movie, "other people's money" with danny devito
where leverage can be mishandled runs into the realm of corporate raider and vc tactics not conforming with sec or gaap...think enron or redmond for that matter but this is all a mv dance we are talking about and subject to political whims of the time and may not be anymore relevant than taft-hartley or sherman anti trust act...as this really relates to this site any more than to a poet at wharton, but something that would get a rise in a quant jock...andf blah blah blah
but see the movie since it's a great microcosm of modern american corporate business