Tax liability of stock conversion to cash from buyout

I own some shares of Baker Hughes which is being bought out by Halliburton. The buyout conversion is for every share of BHI the holder will get 1.19 shares of HAL and $19 cash.

My question is how will that $19/share be taxed? Is it ordinary income? Capital gains? Will it get split between short term and long term based on the status of what the BHI shares were? Does the BHI cost basis factor in somehow?

Thanks.