|In all my dealings with IBM, there always is a test of cooperation with IBM culture(how their management does things).|
Sun management did not have enough dealings with IBM to understand their culture. So, the deal was withdrawn.
In order to salvage the deal, Sun has to study IBM culture.
However, there are not too many companies that can afford to buy Sun, not HP(always short of cash to expand which they are still doing). Fujitsu has limited credit, had to sell hdd factory. Others did not have a business complementary to SunMicro.
This saga will go on. But when IBM stock did not retreat and Sun did not move up accordingly; the deal is not properly valued on Wall street. So, arbitrageurs are not in play. Sun needed investment bankers to value their company properly(growth potential of their service business)?