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Influenced by IBM's announcement that it would buy Red Hat, an open source solution provider, for $34 billion, IBM's share price plunged more than 5% to $118.40 by the time of release, while Red Hat's rose 51.7% to $117.5.
IBM announced on Sunday that it would buy Red Hat, a major supplier of open source software and technology, for about $34 billion.
According to a joint statement, IBM will pay cash to buy all Red Hat shares at $190 a share, a 63% premium to Friday's closing price of $116.68.
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