If Microsoft does a corporate take over, they could force enough share holders to sell until they get the majority of shares and Rare would have no choice.
If thsi won't be happening, Rare will choose what to do, but in the rhythm they work they will need a lot of financing available which will be hard to find and it might flopp. That's why Nintendo doesen't want, and maybe that's why the brothers are thinking of getting a fresh start. They have lost some of their best people to indipendent companies anyways.
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