Nothing wrong with it, and it would strengthen IBM in the long run because it would be one less competitor in the big iron department. IBM would gain ownership to Java (which they use extensively).
IBM has one nice advantage. In a lot of industries, IBM is a one stop shop. You aren't chucked between the OS maker, the computer hardware maker, the app vendor, and some muckety-muck hardware peripheral vendor. Instead you get transferred between divisions of the company, which is annoying, but eventually you can get some type of duty manager to get people on a 3-way call and nail down the problem for good.
I just wish IBM hadn't dumped their PC business to Lenovo.