We discuss the merger process of binary black holes with Hawking radiation taken into account. Besides the redshifted radiation to infinity, binary black holes can exchange radiation between themselves, which is first redshifted and then blueshifted when it propagates from one hole to the other. The exchange rate should be large when the temperature-divergent horizons are penetrating each other to form a single horizon with unique temperature. This will cause non-negligible mass and angular momentum transfer between the black holes during the merging process of the horizons. We further argue in the large mass ratio limit that the light hole whose evaporation is enhanced by the competing redshift-blueshift effects will probably evaporate or decay completely before reaching the the horizon of the heavy one, generalising our previous Rindler/Tachyon speculations which state that a probe particle collapsing into a non-extreme black hole will completely decay into gravitons (or closed strings more generally) before reaching the horizon. We also discuss the possibility of testing Hawking radiation and even exploring the information loss puzzle in gravitational wave observations.