A company that is bleeding money and doesn't have a recent hit game is not an asset, but a liability, and so I'd wager they aren't a takeover target for anyone, really.
Furthermore, Factor 5 don't own any major IP which would be worth buying.
The company doesn't seem very well run. Their Star Wars games for 64 and GC slowly declined over time, and then there was a long gap between the last Star Wars title and when Lair finally came out.
And it sounds to me, from the various stories out there, that they spent that time stopping and starting on GC and Wii development, before landing on PS3. That takes time, which is money. And then I believe Lair got delayed. Time is money.
If they're really in trouble, I don't think they'd be a big loss.
"[Our former customers] are unable to find software which they WANT to play."
"The way to solve this problem lies in how to communicate what kind of games [they CAN play]."
Satoru Iwata, Nintendo President. Only slightly paraphrased.
